Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,235/mo
Lowest payment- Down payment
- $189,536
- Funds due
- $199,936
- Interest + MI left
- $29,876
- First ends
- May 2041
Assumption
Assumption + second
$2,439/mo
+$1,203/mo- Down payment
- $25,536
- Funds due
- $37,401
- Interest + MI left
- $299,090
- First ends
- May 2041
New loan
New conventional
$2,251/mo
+$1,015/mo- Down payment
- $25,536
- Funds due
- $34,096
- Interest + MI left
- $325,235
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $58,464 | $58,464 | $222,464 |
| Second mortgage | — | $164,000 | — |
| First P&I | $473.42 | $473.42 | $1,507.05 |
| Second P&I | — | $1,203.37 | — |
| Mortgage insurance | $62.82 | $62.82 | $44.49 |
| Taxes, insurance & HOA | $699.17 | $699.17 | $699.17 |
| Total housing payment | $1,235.41 | $2,438.78 | $2,250.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,536
Closing costs & prepaids$11,866
Usable credit−$0
Total buyer cash needed$37,401
Earnest money paid−$0
Remaining funds due$37,401
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,480.00
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)$297.50
Initial HOA (3 months)$1,350.00
Prepaid interest, first (6 days)$47.57
Prepaid interest, second (6 days)$215.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing14 yr 5 moOf the original 30-year loan at 4.95%
Interest already paid$58,300Through Dec 2026
Assumption only · ends May 2041$29,876
Assumption + second · ends May 2041, second Jan 2057$299,090
New conventional · ends Jan 2057$325,235