Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$683/mo
Lowest payment- Down payment
- $136,640
- Funds due
- $145,460
- Interest + MI left
- $11,858
- First ends
- Feb 2043
Assumption
Assumption + second
$1,564/mo
+$881/mo- Down payment
- $16,640
- Funds due
- $26,737
- Interest + MI left
- $208,845
- First ends
- Feb 2043
New loan
New conventional
$1,521/mo
+$838/mo- Down payment
- $16,640
- Funds due
- $23,521
- Interest + MI left
- $224,998
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $28,360 | $28,360 | $148,360 |
| Second mortgage | — | $120,000 | — |
| First P&I | $188.79 | $188.79 | $1,027.21 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | $30.34 | $30.34 | $29.67 |
| Taxes, insurance & HOA | $464.17 | $464.17 | $464.17 |
| Total housing payment | $683.30 | $1,563.82 | $1,521.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,640
Closing costs & prepaids$10,096
Usable credit−$0
Total buyer cash needed$26,737
Earnest money paid−$0
Remaining funds due$26,737
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,650.00
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)$108.50
Initial HOA (3 months)$834.00
Prepaid interest, first (1 days)$2.60
Prepaid interest, second (1 days)$26.30
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$16,673Through Nov 2026
Assumption only · ends Feb 2043$11,858
Assumption + second · ends Feb 2043, second Dec 2056$208,845
New conventional · ends Dec 2056$224,998