Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,392/mo
Lowest payment- Down payment
- $194,491
- Funds due
- $205,045
- Interest + MI left
- $77,543
- First ends
- May 2047
Assumption
Assumption + second
$2,580/mo
+$1,189/mo- Down payment
- $32,491
- Funds due
- $44,330
- Interest + MI left
- $343,475
- First ends
- May 2047
New loan
New conventional
$2,569/mo
+$1,178/mo- Down payment
- $32,491
- Funds due
- $40,963
- Interest + MI left
- $435,969
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $125,509 | $125,509 | $287,509 |
| Second mortgage | — | $162,000 | — |
| First P&I | $759.80 | $759.80 | $1,990.65 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | $110.45 | $110.45 | $57.50 |
| Taxes, insurance & HOA | $521.33 | $521.33 | $521.33 |
| Total housing payment | $1,391.59 | $2,580.28 | $2,569.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,491
Closing costs & prepaids$11,839
Usable credit−$0
Total buyer cash needed$44,330
Earnest money paid−$0
Remaining funds due$44,330
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$304.00
Initial HOA (3 months)$810.00
Prepaid interest, first (1 days)$14.34
Prepaid interest, second (1 days)$35.51
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 closing20 yr 6 moOf the original 30-year loan at 4.170%
Interest already paid$56,195Through Nov 2026
Assumption only · ends May 2047$77,543
Assumption + second · ends May 2047, second Dec 2056$343,475
New conventional · ends Dec 2056$435,969