Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,358/mo
Lowest payment- Down payment
- $303,936
- Funds due
- $315,384
- Interest + MI left
- $67,527
- First ends
- May 2045
Assumption
Assumption + second
$3,221/mo
+$1,863/mo- Down payment
- $43,936
- Funds due
- $57,131
- Interest + MI left
- $478,089
- First ends
- May 2045
New loan
New conventional
$3,143/mo
+$1,784/mo- Down payment
- $43,936
- Funds due
- $53,723
- Interest + MI left
- $577,649
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $135,064 | $135,064 | $395,064 |
| Second mortgage | — | $260,000 | — |
| First P&I | $840.99 | $840.99 | $2,676.30 |
| Second P&I | — | $1,862.67 | — |
| Mortgage insurance | $130.06 | $130.06 | $79.01 |
| Taxes, insurance & HOA | $387.25 | $387.25 | $387.25 |
| Total housing payment | $1,358.30 | $3,220.97 | $3,142.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,936
Closing costs & prepaids$13,196
Usable credit−$0
Total buyer cash needed$57,131
Earnest money paid−$0
Remaining funds due$57,131
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
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)$526.75
Initial HOA (3 months)$185.01
Prepaid interest, first (9 days)$121.89
Prepaid interest, second (9 days)$496.85
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 3.66%
Interest already paid$68,349Through Dec 2026
Assumption only · ends May 2045$67,527
Assumption + second · ends May 2045, second Jan 2057$478,089
New conventional · ends Jan 2057$577,649