Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,340/mo
Lowest payment- Down payment
- $267,207
- Funds due
- $278,121
- Interest + MI left
- $34,296
- First ends
- Nov 2041
Assumption
Assumption + second
$2,966/mo
+$1,626/mo- Down payment
- $40,207
- Funds due
- $52,805
- Interest + MI left
- $392,748
- First ends
- Nov 2041
New loan
New conventional
$2,862/mo
+$1,522/mo- Down payment
- $40,207
- Funds due
- $49,484
- Interest + MI left
- $524,615
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $131,793 | $131,793 | $358,793 |
| Second mortgage | — | $227,000 | — |
| First P&I | $861.29 | $861.29 | $2,430.59 |
| Second P&I | — | $1,626.26 | — |
| Mortgage insurance | $118.92 | $118.92 | $71.76 |
| Taxes, insurance & HOA | $359.58 | $359.58 | $359.58 |
| Total housing payment | $1,339.79 | $2,966.05 | $2,861.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,207
Closing costs & prepaids$12,597
Usable credit−$0
Total buyer cash needed$52,805
Earnest money paid−$0
Remaining funds due$52,805
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$478.75
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$69.87
Prepaid interest, second (9 days)$433.79
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 closing14 yr 11 moOf the original 20-year loan at 2.15%
Interest already paid$16,444Through Dec 2026
Assumption only · ends Nov 2041$34,296
Assumption + second · ends Nov 2041, second Jan 2057$392,748
New conventional · ends Jan 2057$524,615