Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,109/mo
Lowest payment- Down payment
- $223,701
- Funds due
- $234,078
- Interest + MI left
- $31,884
- First ends
- Nov 2042
Assumption
Assumption + second
$2,525/mo
+$1,416/mo- Down payment
- $30,701
- Funds due
- $42,709
- Interest + MI left
- $348,703
- First ends
- Nov 2042
New loan
New conventional
$2,383/mo
+$1,275/mo- Down payment
- $30,701
- Funds due
- $39,380
- Interest + MI left
- $390,782
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $74,299 | $74,299 | $267,299 |
| Second mortgage | — | $193,000 | — |
| First P&I | $509.76 | $509.76 | $1,810.78 |
| Second P&I | — | $1,416.17 | — |
| Mortgage insurance | $79.91 | $79.91 | $53.46 |
| Taxes, insurance & HOA | $519.17 | $519.17 | $519.17 |
| Total housing payment | $1,108.84 | $2,525.00 | $2,383.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,701
Closing costs & prepaids$12,008
Usable credit−$0
Total buyer cash needed$42,709
Earnest money paid−$0
Remaining funds due$42,709
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,980.00
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)$357.50
Initial HOA (3 months)$750.00
Prepaid interest, first (9 days)$65.04
Prepaid interest, second (9 days)$380.71
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 closing15 yr 11 moOf the original 30-year loan at 3.55%
Interest already paid$47,630Through Dec 2026
Assumption only · ends Nov 2042$31,884
Assumption + second · ends Nov 2042, second Jan 2057$348,703
New conventional · ends Jan 2057$390,782