Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,360/mo
Lowest payment- Down payment
- $313,508
- Funds due
- $324,952
- Interest + MI left
- $68,019
- First ends
- May 2045
Assumption
Assumption + second
$3,280/mo
+$1,920/mo- Down payment
- $45,508
- Funds due
- $58,259
- Interest + MI left
- $491,214
- First ends
- May 2045
New loan
New conventional
$3,263/mo
+$1,903/mo- Down payment
- $45,508
- Funds due
- $54,765
- Interest + MI left
- $611,842
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $135,492 | $135,492 | $403,492 |
| Second mortgage | — | $268,000 | — |
| First P&I | $840.99 | $840.99 | $2,793.70 |
| Second P&I | — | $1,919.98 | — |
| Mortgage insurance | $130.06 | $130.06 | $80.70 |
| Taxes, insurance & HOA | $388.59 | $388.59 | $388.59 |
| Total housing payment | $1,359.63 | $3,279.62 | $3,262.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,508
Closing costs & prepaids$12,751
Usable credit−$0
Total buyer cash needed$58,259
Earnest money paid−$0
Remaining funds due$58,259
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
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)$530.75
Initial HOA (3 months)$185.01
Prepaid interest, first (1 days)$13.59
Prepaid interest, second (1 days)$56.90
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 3.660%
Interest already paid$67,936Through Nov 2026
Assumption only · ends May 2045$68,019
Assumption + second · ends May 2045, second Dec 2056$491,214
New conventional · ends Dec 2056$611,842