Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,291/mo
Lowest payment- Down payment
- $207,470
- Funds due
- $217,780
- Interest + MI left
- $58,602
- First ends
- May 2044
Assumption
Assumption + second
$2,575/mo
+$1,284/mo- Down payment
- $32,470
- Funds due
- $44,068
- Interest + MI left
- $345,874
- First ends
- May 2044
New loan
New conventional
$2,470/mo
+$1,179/mo- Down payment
- $32,470
- Funds due
- $40,699
- Interest + MI left
- $428,363
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,530 | $107,530 | $282,530 |
| Second mortgage | — | $175,000 | — |
| First P&I | $729.51 | $729.51 | $1,956.18 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | $104.42 | $104.42 | $56.51 |
| Taxes, insurance & HOA | $457.17 | $457.17 | $457.17 |
| Total housing payment | $1,291.10 | $2,575.19 | $2,469.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,470
Closing costs & prepaids$11,598
Usable credit−$0
Total buyer cash needed$44,068
Earnest money paid−$0
Remaining funds due$44,068
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$510.50
Initial HOA (3 months)$411.00
Prepaid interest, first (1 days)$12.67
Prepaid interest, second (1 days)$38.36
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 closing17 yr 6 moOf the original 30-year loan at 4.300%
Interest already paid$69,542Through Nov 2026
Assumption only · ends May 2044$58,602
Assumption + second · ends May 2044, second Dec 2056$345,874
New conventional · ends Dec 2056$428,363