Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,217/mo
Lowest payment- Down payment
- $35,618
- Funds due
- $46,071
- Interest + MI left
- $111,366
- First ends
- May 2044
Assumption
Assumption + second
$2,472/mo
+$255/mo- Down payment
- $10,618
- Funds due
- $22,338
- Interest + MI left
- $178,076
- First ends
- May 2044
New loan
New conventional
$2,224/mo
+$6/mo- Down payment
- $10,618
- Funds due
- $19,188
- Interest + MI left
- $288,156
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $164,381 | $164,381 | $189,381 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,266.13 | $1,266.13 | $1,311.24 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $76.54 | $76.54 | $37.88 |
| Taxes, insurance & HOA | $874.67 | $874.67 | $874.67 |
| Total housing payment | $2,217.34 | $2,472.09 | $2,223.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,618
Closing costs & prepaids$11,719
Usable credit−$0
Total buyer cash needed$22,338
Earnest money paid−$0
Remaining funds due$22,338
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,999.99
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)$749.00
Initial HOA (3 months)$1,425.00
Prepaid interest, first (2 days)$54.04
Prepaid interest, second (2 days)$16.27
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 closing17 yr 6 moOf the original 18-year loan at 6.000%
Interest already paid$4,977Through Nov 2026
Assumption only · ends May 2044$111,366
Assumption + second · ends May 2044, second Dec 2056$178,076
New conventional · ends Dec 2056$288,156