Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,076/mo
Lowest payment- Down payment
- $254,394
- Funds due
- $264,702
- Interest + MI left
- $39,846
- First ends
- Feb 2043
Assumption
Assumption + second
$2,645/mo
+$1,569/mo- Down payment
- $35,394
- Funds due
- $47,045
- Interest + MI left
- $385,665
- First ends
- Feb 2043
New loan
New conventional
$2,579/mo
+$1,503/mo- Down payment
- $35,394
- Funds due
- $43,658
- Interest + MI left
- $476,907
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $95,506 | $95,506 | $314,506 |
| Second mortgage | — | $219,000 | — |
| First P&I | $635.32 | $635.32 | $2,177.58 |
| Second P&I | — | $1,568.94 | — |
| Mortgage insurance | $102.24 | $102.24 | $62.90 |
| Taxes, insurance & HOA | $338.83 | $338.83 | $338.83 |
| Total housing payment | $1,076.39 | $2,645.33 | $2,579.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,394
Closing costs & prepaids$11,651
Usable credit−$0
Total buyer cash needed$47,045
Earnest money paid−$0
Remaining funds due$47,045
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$470.50
Initial HOA (3 months)$96.00
Prepaid interest, first (2 days)$17.48
Prepaid interest, second (2 days)$93.00
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 closing16 yr 3 moOf the original 30-year loan at 3.340%
Interest already paid$55,996Through Nov 2026
Assumption only · ends Feb 2043$39,846
Assumption + second · ends Feb 2043, second Dec 2056$385,665
New conventional · ends Dec 2056$476,907