Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,384/mo
Lowest payment- Down payment
- $183,972
- Funds due
- $194,693
- Interest + MI left
- $34,858
- First ends
- May 2043
Assumption
Assumption + second
$2,536/mo
+$1,152/mo- Down payment
- $26,972
- Funds due
- $38,978
- Interest + MI left
- $292,582
- First ends
- May 2043
New loan
New conventional
$2,458/mo
+$1,074/mo- Down payment
- $26,972
- Funds due
- $35,664
- Interest + MI left
- $360,938
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $81,028 | $81,028 | $238,028 |
| Second mortgage | — | $157,000 | — |
| First P&I | $536.07 | $536.07 | $1,648.06 |
| Second P&I | — | $1,152.01 | — |
| Mortgage insurance | $85.41 | $85.41 | $47.61 |
| Taxes, insurance & HOA | $762.75 | $762.75 | $762.75 |
| Total housing payment | $1,384.22 | $2,536.23 | $2,458.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,972
Closing costs & prepaids$12,005
Usable credit−$0
Total buyer cash needed$38,978
Earnest money paid−$0
Remaining funds due$38,978
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$443.25
Initial HOA (3 months)$1,395.00
Prepaid interest, first (1 days)$7.59
Prepaid interest, second (1 days)$34.41
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 3.420%
Interest already paid$47,295Through Nov 2026
Assumption only · ends May 2043$34,858
Assumption + second · ends May 2043, second Dec 2056$292,582
New conventional · ends Dec 2056$360,938