Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,302/mo
Lowest payment- Down payment
- $217,431
- Funds due
- $227,828
- Interest + MI left
- $46,055
- First ends
- Nov 2041
Assumption
Assumption + second
$2,660/mo
+$1,357/mo- Down payment
- $32,431
- Funds due
- $44,443
- Interest + MI left
- $349,742
- First ends
- Nov 2041
New loan
New conventional
$2,427/mo
+$1,125/mo- Down payment
- $32,431
- Funds due
- $41,100
- Interest + MI left
- $413,106
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $97,569 | $97,569 | $282,569 |
| Second mortgage | — | $185,000 | — |
| First P&I | $740.38 | $740.38 | $1,914.22 |
| Second P&I | — | $1,357.46 | — |
| Mortgage insurance | $105.72 | $105.72 | $56.51 |
| Taxes, insurance & HOA | $456.00 | $456.00 | $456.00 |
| Total housing payment | $1,302.11 | $2,659.57 | $2,426.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,431
Closing costs & prepaids$12,012
Usable credit−$0
Total buyer cash needed$44,443
Earnest money paid−$0
Remaining funds due$44,443
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)$378.00
Initial HOA (3 months)$540.00
Prepaid interest, first (9 days)$103.93
Prepaid interest, second (9 days)$364.93
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 closing14 yr 11 moOf the original 30-year loan at 4.32%
Interest already paid$82,322Through Dec 2026
Assumption only · ends Nov 2041$46,055
Assumption + second · ends Nov 2041, second Jan 2057$349,742
New conventional · ends Jan 2057$413,106