Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,635/mo
Lowest payment- Down payment
- $202,296
- Funds due
- $212,791
- Interest + MI left
- $44,683
- First ends
- Aug 2040
Assumption
Assumption + second
$2,853/mo
+$1,218/mo- Down payment
- $36,296
- Funds due
- $48,368
- Interest + MI left
- $317,180
- First ends
- Aug 2040
New loan
New conventional
$2,593/mo
+$958/mo- Down payment
- $36,296
- Funds due
- $45,095
- Interest + MI left
- $471,847
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $156,704 | $156,704 | $322,704 |
| Second mortgage | — | $166,000 | — |
| First P&I | $1,142.95 | $1,142.95 | $2,186.11 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | $150.14 | $150.14 | $64.54 |
| Taxes, insurance & HOA | $341.91 | $341.91 | $341.91 |
| Total housing payment | $1,635.01 | $2,853.05 | $2,592.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,296
Closing costs & prepaids$12,072
Usable credit−$0
Total buyer cash needed$48,368
Earnest money paid−$0
Remaining funds due$48,368
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,590.00
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)$430.75
Initial HOA (3 months)$144.99
Prepaid interest, first (9 days)$103.94
Prepaid interest, second (9 days)$327.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing13 yr 8 moOf the original 20-year loan at 2.69%
Interest already paid$31,600Through Dec 2026
Assumption only · ends Aug 2040$44,683
Assumption + second · ends Aug 2040, second Jan 2057$317,180
New conventional · ends Jan 2057$471,847