Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,747/mo
Lowest payment- Down payment
- $234,048
- Funds due
- $245,587
- Interest + MI left
- $127,736
- First ends
- May 2048
Assumption
Assumption + second
$3,149/mo
+$1,401/mo- Down payment
- $43,048
- Funds due
- $56,214
- Interest + MI left
- $441,273
- First ends
- May 2048
New loan
New conventional
$3,119/mo
+$1,372/mo- Down payment
- $43,048
- Funds due
- $52,838
- Interest + MI left
- $565,788
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $195,952 | $195,952 | $386,952 |
| Second mortgage | — | $191,000 | — |
| First P&I | $1,159.46 | $1,159.46 | $2,621.35 |
| Second P&I | — | $1,401.49 | — |
| Mortgage insurance | $167.55 | $167.55 | $77.39 |
| Taxes, insurance & HOA | $420.00 | $420.00 | $420.00 |
| Total housing payment | $1,747.01 | $3,148.50 | $3,118.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,048
Closing costs & prepaids$13,166
Usable credit−$0
Total buyer cash needed$56,214
Earnest money paid−$0
Remaining funds due$56,214
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$516.00
Initial HOA (3 months)$294.00
Prepaid interest, first (9 days)$203.90
Prepaid interest, second (9 days)$376.77
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 closing21 yr 5 moOf the original 30-year loan at 4.22%
Interest already paid$78,840Through Dec 2026
Assumption only · ends May 2048$127,736
Assumption + second · ends May 2048, second Jan 2057$441,273
New conventional · ends Jan 2057$565,788