Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,226/mo
Lowest payment- Down payment
- $172,215
- Funds due
- $182,583
- Interest + MI left
- $26,056
- First ends
- Jul 2042
Assumption
Assumption + second
$2,320/mo
+$1,093/mo- Down payment
- $23,215
- Funds due
- $35,029
- Interest + MI left
- $270,647
- First ends
- Jul 2042
New loan
New conventional
$2,194/mo
+$968/mo- Down payment
- $23,215
- Funds due
- $31,758
- Interest + MI left
- $302,354
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $57,785 | $57,785 | $206,785 |
| Second mortgage | — | $149,000 | — |
| First P&I | $412.27 | $412.27 | $1,400.83 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | $62.06 | $62.06 | $41.36 |
| Taxes, insurance & HOA | $752.00 | $752.00 | $752.00 |
| Total housing payment | $1,226.34 | $2,319.65 | $2,194.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,215
Closing costs & prepaids$11,814
Usable credit−$0
Total buyer cash needed$35,029
Earnest money paid−$0
Remaining funds due$35,029
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,300.00
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)$276.00
Initial HOA (3 months)$1,530.00
Prepaid interest, first (6 days)$36.86
Prepaid interest, second (6 days)$195.95
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 closing15 yr 7 moOf the original 30-year loan at 3.88%
Interest already paid$41,488Through Dec 2026
Assumption only · ends Jul 2042$26,056
Assumption + second · ends Jul 2042, second Jan 2057$270,647
New conventional · ends Jan 2057$302,354