Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,370/mo
Lowest payment- Down payment
- $291,138
- Funds due
- $302,404
- Interest + MI left
- $68,698
- First ends
- May 2045
Assumption
Assumption + second
$3,147/mo
+$1,777/mo- Down payment
- $43,138
- Funds due
- $55,760
- Interest + MI left
- $460,311
- First ends
- May 2045
New loan
New conventional
$3,125/mo
+$1,755/mo- Down payment
- $43,138
- Funds due
- $52,300
- Interest + MI left
- $579,043
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $133,862 | $133,862 | $381,862 |
| Second mortgage | — | $248,000 | — |
| First P&I | $837.72 | $837.72 | $2,643.94 |
| Second P&I | — | $1,776.70 | — |
| Mortgage insurance | $127.97 | $127.97 | $76.37 |
| Taxes, insurance & HOA | $404.42 | $404.42 | $404.42 |
| Total housing payment | $1,370.12 | $3,146.82 | $3,124.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,138
Closing costs & prepaids$12,621
Usable credit−$0
Total buyer cash needed$55,760
Earnest money paid−$0
Remaining funds due$55,760
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$548.25
Initial HOA (3 months)$215.01
Prepaid interest, first (2 days)$27.58
Prepaid interest, second (2 days)$105.32
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 3.760%
Interest already paid$68,800Through Nov 2026
Assumption only · ends May 2045$68,698
Assumption + second · ends May 2045, second Dec 2056$460,311
New conventional · ends Dec 2056$579,043