Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,015/mo
Lowest payment- Down payment
- $197,563
- Funds due
- $208,542
- Interest + MI left
- $21,469
- First ends
- Nov 2035
Assumption
Assumption + second
$3,233/mo
+$1,218/mo- Down payment
- $31,563
- Funds due
- $44,120
- Interest + MI left
- $293,967
- First ends
- Nov 2035
New loan
New conventional
$2,638/mo
+$623/mo- Down payment
- $31,563
- Funds due
- $40,857
- Interest + MI left
- $414,432
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $117,437 | $117,437 | $283,437 |
| Second mortgage | — | $166,000 | — |
| First P&I | $1,223.43 | $1,223.43 | $1,920.10 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | $130.33 | $130.33 | $56.69 |
| Taxes, insurance & HOA | $661.00 | $661.00 | $661.00 |
| Total housing payment | $2,014.76 | $3,232.81 | $2,637.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,563
Closing costs & prepaids$12,557
Usable credit−$0
Total buyer cash needed$44,120
Earnest money paid−$0
Remaining funds due$44,120
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)$1,155.00
Prepaid interest, first (9 days)$71.23
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 closing8 yr 11 moOf the original 15-year loan at 2.46%
Interest already paid$22,747Through Dec 2026
Assumption only · ends Nov 2035$21,469
Assumption + second · ends Nov 2035, second Jan 2057$293,967
New conventional · ends Jan 2057$414,432