Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,414/mo
Lowest payment- Down payment
- $187,087
- Funds due
- $197,615
- Interest + MI left
- $72,159
- First ends
- May 2046
Assumption
Assumption + second
$2,544/mo
+$1,130/mo- Down payment
- $33,087
- Funds due
- $45,169
- Interest + MI left
- $324,958
- First ends
- May 2046
New loan
New conventional
$2,495/mo
+$1,081/mo- Down payment
- $33,087
- Funds due
- $41,877
- Interest + MI left
- $426,621
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $137,813 | $137,813 | $291,813 |
| Second mortgage | — | $154,000 | — |
| First P&I | $826.48 | $826.48 | $1,976.84 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | $127.97 | $127.97 | $58.36 |
| Taxes, insurance & HOA | $460.00 | $460.00 | $460.00 |
| Total housing payment | $1,414.45 | $2,544.45 | $2,495.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,087
Closing costs & prepaids$12,082
Usable credit−$0
Total buyer cash needed$45,169
Earnest money paid−$0
Remaining funds due$45,169
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,249.00
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)$390.00
Initial HOA (3 months)$540.00
Prepaid interest, first (9 days)$124.03
Prepaid interest, second (9 days)$303.78
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing19 yr 5 moOf the original 30-year loan at 3.65%
Interest already paid$62,109Through Dec 2026
Assumption only · ends May 2046$72,159
Assumption + second · ends May 2046, second Jan 2057$324,958
New conventional · ends Jan 2057$426,621