Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,042/mo
Lowest payment- Down payment
- $310,563
- Funds due
- $323,327
- Interest + MI left
- $175,652
- First ends
- May 2049
Assumption
Assumption + second
$3,862/mo
+$1,820/mo- Down payment
- $56,563
- Funds due
- $70,631
- Interest + MI left
- $576,740
- First ends
- May 2049
New loan
New conventional
$3,969/mo
+$1,927/mo- Down payment
- $56,563
- Funds due
- $67,033
- Interest + MI left
- $761,879
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,437 | $248,437 | $502,437 |
| Second mortgage | — | $254,000 | — |
| First P&I | $1,447.01 | $1,447.01 | $3,478.77 |
| Second P&I | — | $1,819.69 | — |
| Mortgage insurance | $205.41 | $205.41 | $100.49 |
| Taxes, insurance & HOA | $389.67 | $389.67 | $389.67 |
| Total housing payment | $2,042.08 | $3,861.77 | $3,968.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,563
Closing costs & prepaids$14,068
Usable credit−$0
Total buyer cash needed$70,631
Earnest money paid−$0
Remaining funds due$70,631
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,590.00
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)$558.00
Initial HOA (3 months)$111.00
Prepaid interest, first (1 days)$29.74
Prepaid interest, second (1 days)$53.93
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 4.370%
Interest already paid$88,680Through Nov 2026
Assumption only · ends May 2049$175,652
Assumption + second · ends May 2049, second Dec 2056$576,740
New conventional · ends Dec 2056$761,879