Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,202/mo
Lowest payment- Down payment
- $230,191
- Funds due
- $240,541
- Interest + MI left
- $54,735
- First ends
- Apr 2043
Assumption
Assumption + second
$2,648/mo
+$1,446/mo- Down payment
- $33,191
- Funds due
- $45,180
- Interest + MI left
- $378,121
- First ends
- Apr 2043
New loan
New conventional
$2,436/mo
+$1,234/mo- Down payment
- $33,191
- Funds due
- $41,808
- Interest + MI left
- $425,811
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $94,259 | $94,259 | $291,259 |
| Second mortgage | — | $197,000 | — |
| First P&I | $704.67 | $704.67 | $1,973.09 |
| Second P&I | — | $1,445.52 | — |
| Mortgage insurance | $92.98 | $92.98 | $58.25 |
| Taxes, insurance & HOA | $404.75 | $404.75 | $404.75 |
| Total housing payment | $1,202.40 | $2,647.92 | $2,436.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,191
Closing costs & prepaids$11,989
Usable credit−$0
Total buyer cash needed$45,180
Earnest money paid−$0
Remaining funds due$45,180
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,244.50
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)$389.25
Initial HOA (3 months)$375.00
Prepaid interest, first (9 days)$116.21
Prepaid interest, second (9 days)$388.60
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 4 moOf the original 30-year loan at 5%
Interest already paid$78,558Through Dec 2026
Assumption only · ends Apr 2043$54,735
Assumption + second · ends Apr 2043, second Jan 2057$378,121
New conventional · ends Jan 2057$425,811