Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,191/mo
Lowest payment- Down payment
- $254,643
- Funds due
- $265,272
- Interest + MI left
- $56,017
- First ends
- May 2045
Assumption
Assumption + second
$2,753/mo
+$1,562/mo- Down payment
- $36,643
- Funds due
- $48,568
- Interest + MI left
- $400,258
- First ends
- May 2045
New loan
New conventional
$2,737/mo
+$1,546/mo- Down payment
- $36,643
- Funds due
- $45,160
- Interest + MI left
- $497,975
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $110,357 | $110,357 | $328,357 |
| Second mortgage | — | $218,000 | — |
| First P&I | $687.80 | $687.80 | $2,273.48 |
| Second P&I | — | $1,561.78 | — |
| Mortgage insurance | $105.72 | $105.72 | $65.67 |
| Taxes, insurance & HOA | $397.42 | $397.42 | $397.42 |
| Total housing payment | $1,190.93 | $2,752.71 | $2,736.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,643
Closing costs & prepaids$11,925
Usable credit−$0
Total buyer cash needed$48,568
Earnest money paid−$0
Remaining funds due$48,568
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$361.25
Initial HOA (3 months)$381.00
Prepaid interest, first (1 days)$11.22
Prepaid interest, second (1 days)$46.29
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.710%
Interest already paid$56,027Through Nov 2026
Assumption only · ends May 2045$56,017
Assumption + second · ends May 2045, second Dec 2056$400,258
New conventional · ends Dec 2056$497,975