Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,834/mo
Lowest payment- Down payment
- $194,633
- Funds due
- $205,748
- Interest + MI left
- $18,222
- First ends
- Oct 2036
Assumption
Assumption + second
$3,044/mo
+$1,211/mo- Down payment
- $29,633
- Funds due
- $42,071
- Interest + MI left
- $289,078
- First ends
- Oct 2036
New loan
New conventional
$2,683/mo
+$850/mo- Down payment
- $29,633
- Funds due
- $38,748
- Interest + MI left
- $402,447
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $100,367 | $100,367 | $265,367 |
| Second mortgage | — | $165,000 | — |
| First P&I | $938.64 | $938.64 | $1,837.35 |
| Second P&I | — | $1,210.71 | — |
| Mortgage insurance | $102.00 | $102.00 | $53.07 |
| Taxes, insurance & HOA | $792.92 | $792.92 | $792.92 |
| Total housing payment | $1,833.55 | $3,044.26 | $2,683.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,633
Closing costs & prepaids$12,438
Usable credit−$0
Total buyer cash needed$42,071
Earnest money paid−$0
Remaining funds due$42,071
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$443.75
Initial HOA (3 months)$1,485.00
Prepaid interest, first (2 days)$11.99
Prepaid interest, second (2 days)$72.33
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 closing9 yr 11 moOf the original 15-year loan at 2.180%
Interest already paid$13,624Through Nov 2026
Assumption only · ends Oct 2036$18,222
Assumption + second · ends Oct 2036, second Dec 2056$289,078
New conventional · ends Dec 2056$402,447