Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,431/mo
Lowest payment- Down payment
- $258,684
- Funds due
- $269,732
- Interest + MI left
- $71,682
- First ends
- May 2045
Assumption
Assumption + second
$2,992/mo
+$1,562/mo- Down payment
- $40,684
- Funds due
- $53,074
- Interest + MI left
- $415,922
- First ends
- May 2045
New loan
New conventional
$2,974/mo
+$1,544/mo- Down payment
- $40,684
- Funds due
- $49,642
- Interest + MI left
- $544,703
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $141,216 | $141,216 | $359,216 |
| Second mortgage | — | $218,000 | — |
| First P&I | $880.13 | $880.13 | $2,487.14 |
| Second P&I | — | $1,561.78 | — |
| Mortgage insurance | $135.28 | $135.28 | $71.84 |
| Taxes, insurance & HOA | $415.17 | $415.17 | $415.17 |
| Total housing payment | $1,430.58 | $2,992.35 | $2,974.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,684
Closing costs & prepaids$12,391
Usable credit−$0
Total buyer cash needed$53,074
Earnest money paid−$0
Remaining funds due$53,074
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$495.50
Initial HOA (3 months)$300.00
Prepaid interest, first (2 days)$28.71
Prepaid interest, second (2 days)$92.58
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6 moOf the original 30-year loan at 3.710%
Interest already paid$71,694Through Nov 2026
Assumption only · ends May 2045$71,682
Assumption + second · ends May 2045, second Dec 2056$415,922
New conventional · ends Dec 2056$544,703