Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,314/mo
Lowest payment- Down payment
- $175,908
- Funds due
- $186,497
- Interest + MI left
- $39,666
- First ends
- Nov 2044
Assumption
Assumption + second
$2,414/mo
+$1,101/mo- Down payment
- $25,908
- Funds due
- $37,945
- Interest + MI left
- $285,899
- First ends
- Nov 2044
New loan
New conventional
$2,318/mo
+$1,004/mo- Down payment
- $25,908
- Funds due
- $34,653
- Interest + MI left
- $327,570
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $74,092 | $74,092 | $224,092 |
| Second mortgage | — | $150,000 | — |
| First P&I | $487.11 | $487.11 | $1,518.08 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | $71.41 | $71.41 | $44.82 |
| Taxes, insurance & HOA | $755.00 | $755.00 | $755.00 |
| Total housing payment | $1,313.52 | $2,414.17 | $2,317.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,908
Closing costs & prepaids$12,037
Usable credit−$0
Total buyer cash needed$37,945
Earnest money paid−$0
Remaining funds due$37,945
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$300.00
Initial HOA (3 months)$1,515.00
Prepaid interest, first (6 days)$49.94
Prepaid interest, second (6 days)$197.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing17 yr 11 moOf the original 30-year loan at 4.1%
Interest already paid$43,914Through Dec 2026
Assumption only · ends Nov 2044$39,666
Assumption + second · ends Nov 2044, second Jan 2057$285,899
New conventional · ends Jan 2057$327,570