Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,390/mo
Lowest payment- Down payment
- $233,349
- Funds due
- $244,544
- Interest + MI left
- $65,861
- First ends
- May 2045
Assumption
Assumption + second
$2,836/mo
+$1,446/mo- Down payment
- $36,349
- Funds due
- $50,132
- Interest + MI left
- $389,247
- First ends
- May 2045
New loan
New conventional
$2,775/mo
+$1,384/mo- Down payment
- $36,349
- Funds due
- $47,002
- Interest + MI left
- $490,774
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $126,651 | $126,651 | $323,651 |
| Second mortgage | — | $197,000 | — |
| First P&I | $800.29 | $800.29 | $2,240.89 |
| Second P&I | — | $1,445.52 | — |
| Mortgage insurance | $121.07 | $121.07 | $64.73 |
| Taxes, insurance & HOA | $469.00 | $469.00 | $469.00 |
| Total housing payment | $1,390.36 | $2,835.87 | $2,774.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,349
Closing costs & prepaids$13,784
Usable credit−$0
Total buyer cash needed$50,132
Earnest money paid−$0
Remaining funds due$50,132
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$799.50
Initial HOA (3 months)$157.50
Prepaid interest, first (31 days)$413.06
Prepaid interest, second (31 days)$1,338.52
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 31 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 3.840%
Interest already paid$66,976Through Dec 2026
Assumption only · ends May 2045$65,861
Assumption + second · ends May 2045, second Jan 2057$389,247
New conventional · ends Jan 2057$490,774