Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,207/mo
Lowest payment- Down payment
- $234,420
- Funds due
- $244,725
- Interest + MI left
- $55,187
- First ends
- Apr 2043
Assumption
Assumption + second
$2,647/mo
+$1,440/mo- Down payment
- $33,420
- Funds due
- $45,018
- Interest + MI left
- $372,583
- First ends
- Apr 2043
New loan
New conventional
$2,514/mo
+$1,308/mo- Down payment
- $33,420
- Funds due
- $41,637
- Interest + MI left
- $448,193
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $94,570 | $94,570 | $295,570 |
| Second mortgage | — | $201,000 | — |
| First P&I | $704.67 | $704.67 | $2,046.47 |
| Second P&I | — | $1,439.99 | — |
| Mortgage insurance | $92.98 | $92.98 | $59.11 |
| Taxes, insurance & HOA | $408.92 | $408.92 | $408.92 |
| Total housing payment | $1,206.57 | $2,646.56 | $2,514.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,420
Closing costs & prepaids$11,597
Usable credit−$0
Total buyer cash needed$45,018
Earnest money paid−$0
Remaining funds due$45,018
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,289.90
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)$401.75
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$12.95
Prepaid interest, second (1 days)$42.68
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing16 yr 5 moOf the original 30-year loan at 5.000%
Interest already paid$78,164Through Nov 2026
Assumption only · ends Apr 2043$55,187
Assumption + second · ends Apr 2043, second Dec 2056$372,583
New conventional · ends Dec 2056$448,193