Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,217/mo
Lowest payment- Down payment
- $254,990
- Funds due
- $265,784
- Interest + MI left
- $55,612
- First ends
- May 2045
Assumption
Assumption + second
$2,778/mo
+$1,562/mo- Down payment
- $36,990
- Funds due
- $49,451
- Interest + MI left
- $399,852
- First ends
- May 2045
New loan
New conventional
$2,711/mo
+$1,494/mo- Down payment
- $36,990
- Funds due
- $46,095
- Interest + MI left
- $479,605
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $110,010 | $110,010 | $328,010 |
| Second mortgage | — | $218,000 | — |
| First P&I | $687.80 | $687.80 | $2,222.05 |
| Second P&I | — | $1,561.78 | — |
| Mortgage insurance | $105.72 | $105.72 | $65.60 |
| Taxes, insurance & HOA | $423.00 | $423.00 | $423.00 |
| Total housing payment | $1,216.51 | $2,778.29 | $2,710.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,990
Closing costs & prepaids$12,461
Usable credit−$0
Total buyer cash needed$49,451
Earnest money paid−$0
Remaining funds due$49,451
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$438.00
Initial HOA (3 months)$381.00
Prepaid interest, first (9 days)$100.64
Prepaid interest, second (9 days)$416.59
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 closing18 yr 5 moOf the original 30-year loan at 3.71%
Interest already paid$56,368Through Dec 2026
Assumption only · ends May 2045$55,612
Assumption + second · ends May 2045, second Jan 2057$399,852
New conventional · ends Jan 2057$479,605