Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$795/mo
Lowest payment- Down payment
- $232,399
- Funds due
- $242,149
- Interest + MI left
- $23,389
- First ends
- Dec 2042
Assumption
Assumption + second
$2,250/mo
+$1,454/mo- Down payment
- $29,399
- Funds due
- $40,443
- Interest + MI left
- $343,943
- First ends
- Dec 2042
New loan
New conventional
$2,202/mo
+$1,406/mo- Down payment
- $29,399
- Funds due
- $37,102
- Interest + MI left
- $390,618
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $54,601 | $54,601 | $257,601 |
| Second mortgage | — | $203,000 | — |
| First P&I | $370.36 | $370.36 | $1,783.58 |
| Second P&I | — | $1,454.32 | — |
| Mortgage insurance | $58.42 | $58.42 | $51.52 |
| Taxes, insurance & HOA | $366.58 | $366.58 | $366.58 |
| Total housing payment | $795.37 | $2,249.69 | $2,201.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,399
Closing costs & prepaids$11,043
Usable credit−$0
Total buyer cash needed$40,443
Earnest money paid−$0
Remaining funds due$40,443
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,870.00
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)$304.75
Initial HOA (3 months)$345.00
Prepaid interest, first (1 days)$5.24
Prepaid interest, second (1 days)$43.10
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 1 moOf the original 30-year loan at 3.500%
Interest already paid$33,973Through Nov 2026
Assumption only · ends Dec 2042$23,389
Assumption + second · ends Dec 2042, second Dec 2056$343,943
New conventional · ends Dec 2056$390,618