Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,247/mo
Lowest payment- Down payment
- $207,815
- Funds due
- $218,092
- Interest + MI left
- $58,152
- First ends
- May 2044
Assumption
Assumption + second
$2,538/mo
+$1,291/mo- Down payment
- $31,815
- Funds due
- $43,689
- Interest + MI left
- $347,065
- First ends
- May 2044
New loan
New conventional
$2,388/mo
+$1,141/mo- Down payment
- $31,815
- Funds due
- $40,362
- Interest + MI left
- $414,063
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,185 | $107,185 | $283,185 |
| Second mortgage | — | $176,000 | — |
| First P&I | $729.51 | $729.51 | $1,918.39 |
| Second P&I | — | $1,291.43 | — |
| Mortgage insurance | $104.42 | $104.42 | $56.64 |
| Taxes, insurance & HOA | $413.00 | $413.00 | $413.00 |
| Total housing payment | $1,246.93 | $2,538.36 | $2,388.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,815
Closing costs & prepaids$11,875
Usable credit−$0
Total buyer cash needed$43,689
Earnest money paid−$0
Remaining funds due$43,689
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$378.00
Initial HOA (3 months)$411.00
Prepaid interest, first (9 days)$113.65
Prepaid interest, second (9 days)$347.18
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 closing17 yr 5 moOf the original 30-year loan at 4.3%
Interest already paid$69,927Through Dec 2026
Assumption only · ends May 2044$58,152
Assumption + second · ends May 2044, second Jan 2057$347,065
New conventional · ends Jan 2057$414,063