Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,942/mo
Lowest payment- Down payment
- $147,086
- Funds due
- $157,857
- Interest + MI left
- $110,824
- First ends
- Nov 2043
Assumption
Assumption + second
$2,808/mo
+$866/mo- Down payment
- $29,086
- Funds due
- $41,158
- Interest + MI left
- $304,528
- First ends
- Nov 2043
New loan
New conventional
$2,520/mo
+$578/mo- Down payment
- $29,086
- Funds due
- $37,815
- Interest + MI left
- $388,060
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $137,914 | $137,914 | $255,914 |
| Second mortgage | — | $118,000 | — |
| First P&I | $1,176.35 | $1,176.35 | $1,771.90 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | $68.32 | $68.32 | $51.18 |
| Taxes, insurance & HOA | $697.00 | $697.00 | $697.00 |
| Total housing payment | $1,941.67 | $2,807.51 | $2,520.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,086
Closing costs & prepaids$12,072
Usable credit−$0
Total buyer cash needed$41,158
Earnest money paid−$0
Remaining funds due$41,158
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$1,597.25
Initial HOA (3 months)$43.74
Prepaid interest, first (2 days)$54.64
Prepaid interest, second (2 days)$51.73
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 yrOf the original 20-year loan at 7.230%
Interest already paid$31,200Through Nov 2026
Assumption only · ends Nov 2043$110,824
Assumption + second · ends Nov 2043, second Dec 2056$304,528
New conventional · ends Dec 2056$388,060