Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,702/mo
Lowest payment- Down payment
- $213,045
- Funds due
- $224,262
- Interest + MI left
- $78,426
- First ends
- May 2045
Assumption
Assumption + second
$2,986/mo
+$1,284/mo- Down payment
- $38,045
- Funds due
- $50,588
- Interest + MI left
- $365,697
- First ends
- May 2045
New loan
New conventional
$2,954/mo
+$1,252/mo- Down payment
- $38,045
- Funds due
- $47,186
- Interest + MI left
- $510,948
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $161,955 | $161,955 | $336,955 |
| Second mortgage | — | $175,000 | — |
| First P&I | $992.05 | $992.05 | $2,333.01 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | $156.49 | $156.49 | $67.39 |
| Taxes, insurance & HOA | $553.42 | $553.42 | $553.42 |
| Total housing payment | $1,701.95 | $2,986.04 | $2,953.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,045
Closing costs & prepaids$12,543
Usable credit−$0
Total buyer cash needed$50,588
Earnest money paid−$0
Remaining funds due$50,588
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$1,210.25
Prepaid interest, first (2 days)$31.06
Prepaid interest, second (2 days)$76.71
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 3.500%
Interest already paid$77,933Through Nov 2026
Assumption only · ends May 2045$78,426
Assumption + second · ends May 2045, second Dec 2056$365,697
New conventional · ends Dec 2056$510,948