Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,255/mo
Lowest payment- Down payment
- $228,191
- Funds due
- $238,729
- Interest + MI left
- $56,755
- First ends
- May 2045
Assumption
Assumption + second
$2,678/mo
+$1,424/mo- Down payment
- $34,191
- Funds due
- $46,022
- Interest + MI left
- $375,216
- First ends
- May 2045
New loan
New conventional
$2,629/mo
+$1,375/mo- Down payment
- $34,191
- Funds due
- $42,638
- Interest + MI left
- $463,780
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $111,809 | $111,809 | $305,809 |
| Second mortgage | — | $194,000 | — |
| First P&I | $696.85 | $696.85 | $2,117.36 |
| Second P&I | — | $1,423.50 | — |
| Mortgage insurance | $107.11 | $107.11 | $61.16 |
| Taxes, insurance & HOA | $450.75 | $450.75 | $450.75 |
| Total housing payment | $1,254.71 | $2,678.21 | $2,629.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,191
Closing costs & prepaids$11,831
Usable credit−$0
Total buyer cash needed$46,022
Earnest money paid−$0
Remaining funds due$46,022
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$572.25
Initial HOA (3 months)$330.00
Prepaid interest, first (1 days)$11.36
Prepaid interest, second (1 days)$42.52
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$56,764Through Nov 2026
Assumption only · ends May 2045$56,755
Assumption + second · ends May 2045, second Dec 2056$375,216
New conventional · ends Dec 2056$463,780