Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,091/mo
Lowest payment- Down payment
- $241,299
- Funds due
- $251,681
- Interest + MI left
- $35,806
- First ends
- May 2043
Assumption
Assumption + second
$2,581/mo
+$1,490/mo- Down payment
- $33,299
- Funds due
- $44,976
- Interest + MI left
- $364,256
- First ends
- May 2043
New loan
New conventional
$2,527/mo
+$1,437/mo- Down payment
- $33,299
- Funds due
- $41,599
- Interest + MI left
- $442,174
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $83,601 | $83,601 | $291,601 |
| Second mortgage | — | $208,000 | — |
| First P&I | $552.26 | $552.26 | $2,018.99 |
| Second P&I | — | $1,490.14 | — |
| Mortgage insurance | $88.21 | $88.21 | $58.32 |
| Taxes, insurance & HOA | $450.08 | $450.08 | $450.08 |
| Total housing payment | $1,090.55 | $2,580.69 | $2,527.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,299
Closing costs & prepaids$11,676
Usable credit−$0
Total buyer cash needed$44,976
Earnest money paid−$0
Remaining funds due$44,976
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,249.00
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)$450.25
Initial HOA (3 months)$450.00
Prepaid interest, first (1 days)$7.79
Prepaid interest, second (1 days)$44.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6 moOf the original 30-year loan at 3.400%
Interest already paid$48,539Through Nov 2026
Assumption only · ends May 2043$35,806
Assumption + second · ends May 2043, second Dec 2056$364,256
New conventional · ends Dec 2056$442,174