Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$682/mo
Lowest payment- Down payment
- $205,351
- Funds due
- $214,722
- Interest + MI left
- $15,519
- First ends
- May 2042
Assumption
Assumption + second
$2,010/mo
+$1,328/mo- Down payment
- $24,351
- Funds due
- $35,052
- Interest + MI left
- $312,640
- First ends
- May 2042
New loan
New conventional
$1,933/mo
+$1,251/mo- Down payment
- $24,351
- Funds due
- $31,759
- Interest + MI left
- $327,003
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $34,649 | $34,649 | $215,649 |
| Second mortgage | — | $181,000 | — |
| First P&I | $248.00 | $248.00 | $1,493.11 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | $37.38 | $37.38 | $43.13 |
| Taxes, insurance & HOA | $396.42 | $396.42 | $396.42 |
| Total housing payment | $681.80 | $2,009.91 | $1,932.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,351
Closing costs & prepaids$10,701
Usable credit−$0
Total buyer cash needed$35,052
Earnest money paid−$0
Remaining funds due$35,052
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,400.00
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)$739.25
Prepaid interest, first (2 days)$7.35
Prepaid interest, second (2 days)$79.34
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 closing15 yr 6 moOf the original 30-year loan at 3.870%
Interest already paid$25,030Through Nov 2026
Assumption only · ends May 2042$15,519
Assumption + second · ends May 2042, second Dec 2056$312,640
New conventional · ends Dec 2056$327,003