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
- $192,306
- Funds due
- $203,594
- Interest + MI left
- $165,936
- First ends
- May 2049
Assumption
Assumption + second
$3,050/mo
+$1,093/mo- Down payment
- $43,306
- Funds due
- $55,909
- Interest + MI left
- $410,527
- First ends
- May 2049
New loan
New conventional
$3,129/mo
+$1,172/mo- Down payment
- $43,306
- Funds due
- $52,460
- Interest + MI left
- $581,821
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $234,694 | $234,694 | $383,694 |
| Second mortgage | — | $149,000 | — |
| First P&I | $1,366.96 | $1,366.96 | $2,656.62 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | $194.05 | $194.05 | $76.74 |
| Taxes, insurance & HOA | $395.58 | $395.58 | $395.58 |
| Total housing payment | $1,956.59 | $3,049.90 | $3,128.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,306
Closing costs & prepaids$12,603
Usable credit−$0
Total buyer cash needed$55,909
Earnest money paid−$0
Remaining funds due$55,909
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,270.00
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)$439.75
Initial HOA (3 months)$297.00
Prepaid interest, first (2 days)$56.20
Prepaid interest, second (2 days)$65.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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$83,775Through Nov 2026
Assumption only · ends May 2049$165,936
Assumption + second · ends May 2049, second Dec 2056$410,527
New conventional · ends Dec 2056$581,821