Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,076/mo
Lowest payment- Down payment
- $301,106
- Funds due
- $314,107
- Interest + MI left
- $174,613
- First ends
- May 2049
Assumption
Assumption + second
$3,838/mo
+$1,762/mo- Down payment
- $55,106
- Funds due
- $69,827
- Interest + MI left
- $563,068
- First ends
- May 2049
New loan
New conventional
$3,868/mo
+$1,792/mo- Down payment
- $55,106
- Funds due
- $66,364
- Interest + MI left
- $722,155
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,894 | $247,894 | $493,894 |
| Second mortgage | — | $246,000 | — |
| First P&I | $1,447.01 | $1,447.01 | $3,345.81 |
| Second P&I | — | $1,762.37 | — |
| Mortgage insurance | $205.41 | $205.41 | $98.78 |
| Taxes, insurance & HOA | $423.25 | $423.25 | $423.25 |
| Total housing payment | $2,075.66 | $3,838.04 | $3,867.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,106
Closing costs & prepaids$14,722
Usable credit−$0
Total buyer cash needed$69,827
Earnest money paid−$0
Remaining funds due$69,827
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,490.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$658.75
Initial HOA (3 months)$111.00
Prepaid interest, first (9 days)$267.11
Prepaid interest, second (9 days)$470.10
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 4.37%
Interest already paid$89,585Through Dec 2026
Assumption only · ends May 2049$174,613
Assumption + second · ends May 2049, second Jan 2057$563,068
New conventional · ends Jan 2057$722,155