Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,005/mo
Lowest payment- Down payment
- $196,582
- Funds due
- $207,470
- Interest + MI left
- $21,789
- First ends
- Nov 2035
Assumption
Assumption + second
$3,216/mo
+$1,211/mo- Down payment
- $31,582
- Funds due
- $43,756
- Interest + MI left
- $292,645
- First ends
- Nov 2035
New loan
New conventional
$2,671/mo
+$665/mo- Down payment
- $31,582
- Funds due
- $40,403
- Interest + MI left
- $429,822
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $118,418 | $118,418 | $283,418 |
| Second mortgage | — | $165,000 | — |
| First P&I | $1,223.43 | $1,223.43 | $1,962.33 |
| Second P&I | — | $1,210.71 | — |
| Mortgage insurance | $130.33 | $130.33 | $56.68 |
| Taxes, insurance & HOA | $651.50 | $651.50 | $651.50 |
| Total housing payment | $2,005.26 | $3,215.98 | $2,670.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,582
Closing costs & prepaids$12,174
Usable credit−$0
Total buyer cash needed$43,756
Earnest money paid−$0
Remaining funds due$43,756
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)$349.50
Initial HOA (3 months)$1,155.00
Prepaid interest, first (1 days)$7.98
Prepaid interest, second (1 days)$36.16
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 closing9 yrOf the original 15-year loan at 2.460%
Interest already paid$22,505Through Nov 2026
Assumption only · ends Nov 2035$21,789
Assumption + second · ends Nov 2035, second Dec 2056$292,645
New conventional · ends Dec 2056$429,822