Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$565/mo
Lowest payment- Down payment
- $235,808
- Funds due
- $245,254
- Interest + MI left
- $12,864
- First ends
- May 2043
Assumption
Assumption + second
$2,062/mo
+$1,497/mo- Down payment
- $26,808
- Funds due
- $37,549
- Interest + MI left
- $342,893
- First ends
- May 2043
New loan
New conventional
$2,036/mo
+$1,472/mo- Down payment
- $26,808
- Funds due
- $34,231
- Interest + MI left
- $361,187
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $29,192 | $29,192 | $238,192 |
| Second mortgage | — | $209,000 | — |
| First P&I | $194.72 | $194.72 | $1,649.19 |
| Second P&I | — | $1,497.30 | — |
| Mortgage insurance | $30.60 | $30.60 | $47.64 |
| Taxes, insurance & HOA | $339.42 | $339.42 | $339.42 |
| Total housing payment | $564.74 | $2,062.05 | $2,036.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,808
Closing costs & prepaids$10,740
Usable credit−$0
Total buyer cash needed$37,549
Earnest money paid−$0
Remaining funds due$37,549
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$187.25
Initial HOA (3 months)$381.00
Prepaid interest, first (1 days)$2.82
Prepaid interest, second (1 days)$44.38
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 closing16 yr 6 moOf the original 30-year loan at 3.530%
Interest already paid$17,534Through Nov 2026
Assumption only · ends May 2043$12,864
Assumption + second · ends May 2043, second Dec 2056$342,893
New conventional · ends Dec 2056$361,187