Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,357/mo
Lowest payment- Down payment
- $290,547
- Funds due
- $301,859
- Interest + MI left
- $68,200
- First ends
- May 2045
Assumption
Assumption + second
$3,134/mo
+$1,777/mo- Down payment
- $42,547
- Funds due
- $55,583
- Interest + MI left
- $459,813
- First ends
- May 2045
New loan
New conventional
$3,052/mo
+$1,695/mo- Down payment
- $42,547
- Funds due
- $52,186
- Interest + MI left
- $557,733
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $133,443 | $133,443 | $381,443 |
| Second mortgage | — | $248,000 | — |
| First P&I | $837.72 | $837.72 | $2,584.03 |
| Second P&I | — | $1,776.70 | — |
| Mortgage insurance | $127.97 | $127.97 | $76.29 |
| Taxes, insurance & HOA | $391.25 | $391.25 | $391.25 |
| Total housing payment | $1,356.95 | $3,133.65 | $3,051.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,547
Closing costs & prepaids$13,036
Usable credit−$0
Total buyer cash needed$55,583
Earnest money paid−$0
Remaining funds due$55,583
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,239.90
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)$508.75
Initial HOA (3 months)$215.01
Prepaid interest, first (9 days)$123.72
Prepaid interest, second (9 days)$473.92
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 closing18 yr 5 moOf the original 30-year loan at 3.76%
Interest already paid$69,220Through Dec 2026
Assumption only · ends May 2045$68,200
Assumption + second · ends May 2045, second Jan 2057$459,813
New conventional · ends Jan 2057$557,733