Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$952/mo
Lowest payment- Down payment
- $247,363
- Funds due
- $257,502
- Interest + MI left
- $32,324
- First ends
- Feb 2043
Assumption
Assumption + second
$2,485/mo
+$1,533/mo- Down payment
- $33,363
- Funds due
- $45,161
- Interest + MI left
- $370,248
- First ends
- Feb 2043
New loan
New conventional
$2,384/mo
+$1,432/mo- Down payment
- $33,363
- Funds due
- $41,821
- Interest + MI left
- $426,363
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $77,637 | $77,637 | $291,637 |
| Second mortgage | — | $214,000 | — |
| First P&I | $518.84 | $518.84 | $1,975.65 |
| Second P&I | — | $1,533.12 | — |
| Mortgage insurance | $83.39 | $83.39 | $58.33 |
| Taxes, insurance & HOA | $350.00 | $350.00 | $350.00 |
| Total housing payment | $952.23 | $2,485.35 | $2,383.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,363
Closing costs & prepaids$11,798
Usable credit−$0
Total buyer cash needed$45,161
Earnest money paid−$0
Remaining funds due$45,161
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$390.00
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$64.13
Prepaid interest, second (9 days)$408.95
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2 moOf the original 30-year loan at 3.35%
Interest already paid$46,037Through Dec 2026
Assumption only · ends Feb 2043$32,324
Assumption + second · ends Feb 2043, second Jan 2057$370,248
New conventional · ends Jan 2057$426,363