Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,957/mo
Lowest payment- Down payment
- $294,347
- Funds due
- $306,885
- Interest + MI left
- $162,511
- First ends
- May 2049
Assumption
Assumption + second
$3,690/mo
+$1,734/mo- Down payment
- $52,347
- Funds due
- $66,186
- Interest + MI left
- $544,650
- First ends
- May 2049
New loan
New conventional
$3,776/mo
+$1,820/mo- Down payment
- $52,347
- Funds due
- $62,629
- Interest + MI left
- $709,076
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $225,553 | $225,553 | $467,553 |
| Second mortgage | — | $242,000 | — |
| First P&I | $1,324.92 | $1,324.92 | $3,237.24 |
| Second P&I | — | $1,733.72 | — |
| Mortgage insurance | $186.09 | $186.09 | $93.51 |
| Taxes, insurance & HOA | $445.50 | $445.50 | $445.50 |
| Total housing payment | $1,956.51 | $3,690.23 | $3,776.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,347
Closing costs & prepaids$13,839
Usable credit−$0
Total buyer cash needed$66,186
Earnest money paid−$0
Remaining funds due$66,186
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,199.00
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)$533.50
Initial HOA (3 months)$303.00
Prepaid interest, first (1 days)$27.56
Prepaid interest, second (1 days)$51.38
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 4.460%
Interest already paid$82,078Through Nov 2026
Assumption only · ends May 2049$162,511
Assumption + second · ends May 2049, second Dec 2056$544,650
New conventional · ends Dec 2056$709,076