Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,720/mo
Lowest payment- Down payment
- $234,387
- Funds due
- $245,943
- Interest + MI left
- $133,905
- First ends
- May 2049
Assumption
Assumption + second
$3,114/mo
+$1,394/mo- Down payment
- $44,387
- Funds due
- $57,568
- Interest + MI left
- $445,800
- First ends
- May 2049
New loan
New conventional
$3,133/mo
+$1,413/mo- Down payment
- $44,387
- Funds due
- $54,187
- Interest + MI left
- $571,063
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,613 | $200,613 | $390,613 |
| Second mortgage | — | $190,000 | — |
| First P&I | $1,143.62 | $1,143.62 | $2,646.15 |
| Second P&I | — | $1,394.15 | — |
| Mortgage insurance | $167.24 | $167.24 | $78.12 |
| Taxes, insurance & HOA | $409.00 | $409.00 | $409.00 |
| Total housing payment | $1,719.87 | $3,114.02 | $3,133.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,387
Closing costs & prepaids$13,181
Usable credit−$0
Total buyer cash needed$57,568
Earnest money paid−$0
Remaining funds due$57,568
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$522.00
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$203.80
Prepaid interest, second (9 days)$374.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing22 yr 5 moOf the original 30-year loan at 4.12%
Interest already paid$68,572Through Dec 2026
Assumption only · ends May 2049$133,905
Assumption + second · ends May 2049, second Jan 2057$445,800
New conventional · ends Jan 2057$571,063