Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,533/mo
Lowest payment- Down payment
- $367,078
- Funds due
- $379,152
- Interest + MI left
- $30,568
- First ends
- May 2038
Assumption
Assumption + second
$3,818/mo
+$2,285/mo- Down payment
- $48,078
- Funds due
- $61,469
- Interest + MI left
- $534,295
- First ends
- May 2038
New loan
New conventional
$3,507/mo
+$1,974/mo- Down payment
- $48,078
- Funds due
- $57,950
- Interest + MI left
- $655,039
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $112,922 | $112,922 | $431,922 |
| Second mortgage | — | $319,000 | — |
| First P&I | $956.45 | $956.45 | $2,990.54 |
| Second P&I | — | $2,285.36 | — |
| Mortgage insurance | $146.54 | $146.54 | $86.38 |
| Taxes, insurance & HOA | $430.08 | $430.08 | $430.08 |
| Total housing payment | $1,533.07 | $3,818.43 | $3,507.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,078
Closing costs & prepaids$13,392
Usable credit−$0
Total buyer cash needed$61,469
Earnest money paid−$0
Remaining funds due$61,469
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,800.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$454.25
Initial HOA (3 months)$336.00
Prepaid interest, first (1 days)$8.57
Prepaid interest, second (1 days)$67.73
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 closing11 yr 6 moOf the original 25-year loan at 2.770%
Interest already paid$60,993Through Nov 2026
Assumption only · ends May 2038$30,568
Assumption + second · ends May 2038, second Dec 2056$534,295
New conventional · ends Dec 2056$655,039