Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,470/mo
Lowest payment- Down payment
- $186,681
- Funds due
- $197,266
- Interest + MI left
- $72,658
- First ends
- May 2046
Assumption
Assumption + second
$2,600/mo
+$1,130/mo- Down payment
- $32,681
- Funds due
- $44,550
- Interest + MI left
- $325,457
- First ends
- May 2046
New loan
New conventional
$2,598/mo
+$1,127/mo- Down payment
- $32,681
- Funds due
- $41,185
- Interest + MI left
- $443,170
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $138,219 | $138,219 | $292,219 |
| Second mortgage | — | $154,000 | — |
| First P&I | $826.48 | $826.48 | $2,023.27 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | $127.97 | $127.97 | $58.44 |
| Taxes, insurance & HOA | $515.92 | $515.92 | $515.92 |
| Total housing payment | $1,470.37 | $2,600.37 | $2,597.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,681
Closing costs & prepaids$11,869
Usable credit−$0
Total buyer cash needed$44,550
Earnest money paid−$0
Remaining funds due$44,550
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)$557.75
Initial HOA (3 months)$540.00
Prepaid interest, first (1 days)$13.82
Prepaid interest, second (1 days)$33.75
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 closing19 yr 6 moOf the original 30-year loan at 3.650%
Interest already paid$61,689Through Nov 2026
Assumption only · ends May 2046$72,658
Assumption + second · ends May 2046, second Dec 2056$325,457
New conventional · ends Dec 2056$443,170