Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,724/mo
Lowest payment- Down payment
- $161,265
- Funds due
- $171,952
- Interest + MI left
- $133,253
- First ends
- May 2049
Assumption
Assumption + second
$2,641/mo
+$917/mo- Down payment
- $36,265
- Funds due
- $48,229
- Interest + MI left
- $338,447
- First ends
- May 2049
New loan
New conventional
$2,728/mo
+$1,004/mo- Down payment
- $36,265
- Funds due
- $44,832
- Interest + MI left
- $487,868
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,735 | $196,735 | $321,735 |
| Second mortgage | — | $125,000 | — |
| First P&I | $1,124.34 | $1,124.34 | $2,227.63 |
| Second P&I | — | $917.21 | — |
| Mortgage insurance | $163.44 | $163.44 | $64.35 |
| Taxes, insurance & HOA | $436.42 | $436.42 | $436.42 |
| Total housing payment | $1,724.20 | $2,641.40 | $2,728.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,265
Closing costs & prepaids$11,964
Usable credit−$0
Total buyer cash needed$48,229
Earnest money paid−$0
Remaining funds due$48,229
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,580.00
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)$325.25
Initial HOA (3 months)$534.00
Prepaid interest, first (1 days)$22.48
Prepaid interest, second (1 days)$27.40
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 closing22 yr 6 moOf the original 30-year loan at 4.170%
Interest already paid$67,182Through Nov 2026
Assumption only · ends May 2049$133,253
Assumption + second · ends May 2049, second Dec 2056$338,447
New conventional · ends Dec 2056$487,868