Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,236/mo
Lowest payment- Down payment
- $230,942
- Funds due
- $241,301
- Interest + MI left
- $63,325
- First ends
- Jan 2045
Assumption
Assumption + second
$2,667/mo
+$1,431/mo- Down payment
- $35,942
- Funds due
- $47,637
- Interest + MI left
- $383,427
- First ends
- Jan 2045
New loan
New conventional
$2,590/mo
+$1,353/mo- Down payment
- $35,942
- Funds due
- $44,243
- Interest + MI left
- $476,013
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $118,958 | $118,958 | $313,958 |
| Second mortgage | — | $195,000 | — |
| First P&I | $769.23 | $769.23 | $2,173.78 |
| Second P&I | — | $1,430.84 | — |
| Mortgage insurance | $113.99 | $113.99 | $62.79 |
| Taxes, insurance & HOA | $353.08 | $353.08 | $353.08 |
| Total housing payment | $1,236.31 | $2,667.15 | $2,589.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,942
Closing costs & prepaids$11,695
Usable credit−$0
Total buyer cash needed$47,637
Earnest money paid−$0
Remaining funds due$47,637
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$384.25
Initial HOA (3 months)$225.00
Prepaid interest, first (2 days)$26.14
Prepaid interest, second (2 days)$85.48
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing18 yr 2 moOf the original 30-year loan at 4.010%
Interest already paid$67,259Through Nov 2026
Assumption only · ends Jan 2045$63,325
Assumption + second · ends Jan 2045, second Dec 2056$383,427
New conventional · ends Dec 2056$476,013