Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,437/mo
Lowest payment- Down payment
- $266,583
- Funds due
- $277,728
- Interest + MI left
- $34,603
- First ends
- Nov 2041
Assumption
Assumption + second
$3,056/mo
+$1,619/mo- Down payment
- $40,583
- Funds due
- $53,025
- Interest + MI left
- $391,476
- First ends
- Nov 2041
New loan
New conventional
$3,010/mo
+$1,573/mo- Down payment
- $40,583
- Funds due
- $49,586
- Interest + MI left
- $543,492
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $132,417 | $132,417 | $358,417 |
| Second mortgage | — | $226,000 | — |
| First P&I | $861.29 | $861.29 | $2,481.61 |
| Second P&I | — | $1,619.09 | — |
| Mortgage insurance | $118.92 | $118.92 | $71.68 |
| Taxes, insurance & HOA | $457.17 | $457.17 | $457.17 |
| Total housing payment | $1,437.38 | $3,056.47 | $3,010.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,583
Closing costs & prepaids$12,442
Usable credit−$0
Total buyer cash needed$53,025
Earnest money paid−$0
Remaining funds due$53,025
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$771.50
Initial HOA (3 months)$150.00
Prepaid interest, first (1 days)$7.80
Prepaid interest, second (1 days)$47.99
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 closing15 yrOf the original 20-year loan at 2.150%
Interest already paid$16,207Through Nov 2026
Assumption only · ends Nov 2041$34,603
Assumption + second · ends Nov 2041, second Dec 2056$391,476
New conventional · ends Dec 2056$543,492