Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,083/mo
Lowest payment- Down payment
- $179,354
- Funds due
- $189,515
- Interest + MI left
- $17,670
- First ends
- Dec 2040
Assumption
Assumption + second
$2,235/mo
+$1,152/mo- Down payment
- $22,354
- Funds due
- $33,833
- Interest + MI left
- $275,394
- First ends
- Dec 2040
New loan
New conventional
$2,126/mo
+$1,043/mo- Down payment
- $22,354
- Funds due
- $30,561
- Interest + MI left
- $296,671
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $38,646 | $38,646 | $195,646 |
| Second mortgage | — | $157,000 | — |
| First P&I | $307.79 | $307.79 | $1,354.61 |
| Second P&I | — | $1,152.01 | — |
| Mortgage insurance | $43.38 | $43.38 | $39.13 |
| Taxes, insurance & HOA | $732.08 | $732.08 | $732.08 |
| Total housing payment | $1,083.25 | $2,235.26 | $2,125.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,354
Closing costs & prepaids$11,479
Usable credit−$0
Total buyer cash needed$33,833
Earnest money paid−$0
Remaining funds due$33,833
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,180.00
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)$441.25
Initial HOA (3 months)$1,305.00
Prepaid interest, first (2 days)$9.38
Prepaid interest, second (2 days)$68.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 1 moOf the original 30-year loan at 4.430%
Interest already paid$36,186Through Nov 2026
Assumption only · ends Dec 2040$17,670
Assumption + second · ends Dec 2040, second Dec 2056$275,394
New conventional · ends Dec 2056$296,671