Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,418/mo
Lowest payment- Down payment
- $194,815
- Funds due
- $205,563
- Interest + MI left
- $77,037
- First ends
- May 2047
Assumption
Assumption + second
$2,607/mo
+$1,189/mo- Down payment
- $32,815
- Funds due
- $45,132
- Interest + MI left
- $342,969
- First ends
- May 2047
New loan
New conventional
$2,551/mo
+$1,133/mo- Down payment
- $32,815
- Funds due
- $41,814
- Interest + MI left
- $419,855
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $125,185 | $125,185 | $287,185 |
| Second mortgage | — | $162,000 | — |
| First P&I | $759.80 | $759.80 | $1,945.49 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | $110.45 | $110.45 | $57.44 |
| Taxes, insurance & HOA | $548.00 | $548.00 | $548.00 |
| Total housing payment | $1,418.25 | $2,606.95 | $2,550.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,815
Closing costs & prepaids$12,317
Usable credit−$0
Total buyer cash needed$45,132
Earnest money paid−$0
Remaining funds due$45,132
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$384.00
Initial HOA (3 months)$810.00
Prepaid interest, first (9 days)$128.72
Prepaid interest, second (9 days)$319.56
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 closing20 yr 5 moOf the original 30-year loan at 4.17%
Interest already paid$56,631Through Dec 2026
Assumption only · ends May 2047$77,037
Assumption + second · ends May 2047, second Jan 2057$342,969
New conventional · ends Jan 2057$419,855