Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$967/mo
Lowest payment- Down payment
- $247,062
- Funds due
- $257,189
- Interest + MI left
- $32,589
- First ends
- Feb 2043
Assumption
Assumption + second
$2,500/mo
+$1,533/mo- Down payment
- $33,062
- Funds due
- $44,484
- Interest + MI left
- $370,513
- First ends
- Feb 2043
New loan
New conventional
$2,445/mo
+$1,477/mo- Down payment
- $33,062
- Funds due
- $41,110
- Interest + MI left
- $442,685
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $77,938 | $77,938 | $291,938 |
| Second mortgage | — | $214,000 | — |
| First P&I | $518.84 | $518.84 | $2,021.32 |
| Second P&I | — | $1,533.12 | — |
| Mortgage insurance | $83.39 | $83.39 | $58.39 |
| Taxes, insurance & HOA | $364.92 | $364.92 | $364.92 |
| Total housing payment | $967.15 | $2,500.27 | $2,444.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,062
Closing costs & prepaids$11,422
Usable credit−$0
Total buyer cash needed$44,484
Earnest money paid−$0
Remaining funds due$44,484
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$434.75
Initial HOA (3 months)$210.00
Prepaid interest, first (1 days)$7.15
Prepaid interest, second (1 days)$45.44
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 3 moOf the original 30-year loan at 3.350%
Interest already paid$45,820Through Nov 2026
Assumption only · ends Feb 2043$32,589
Assumption + second · ends Feb 2043, second Dec 2056$370,513
New conventional · ends Dec 2056$442,685