Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,759/mo
Lowest payment- Down payment
- $161,706
- Funds due
- $172,676
- Interest + MI left
- $132,463
- First ends
- May 2049
Assumption
Assumption + second
$2,676/mo
+$917/mo- Down payment
- $36,706
- Funds due
- $49,173
- Interest + MI left
- $337,657
- First ends
- May 2049
New loan
New conventional
$2,712/mo
+$953/mo- Down payment
- $36,706
- Funds due
- $45,876
- Interest + MI left
- $469,721
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,294 | $196,294 | $321,294 |
| Second mortgage | — | $125,000 | — |
| First P&I | $1,124.34 | $1,124.34 | $2,176.56 |
| Second P&I | — | $917.21 | — |
| Mortgage insurance | $163.44 | $163.44 | $64.26 |
| Taxes, insurance & HOA | $471.17 | $471.17 | $471.17 |
| Total housing payment | $1,758.95 | $2,676.15 | $2,711.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,706
Closing costs & prepaids$12,467
Usable credit−$0
Total buyer cash needed$49,173
Earnest money paid−$0
Remaining funds due$49,173
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)$429.50
Initial HOA (3 months)$534.00
Prepaid interest, first (9 days)$201.83
Prepaid interest, second (9 days)$246.58
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 closing22 yr 5 moOf the original 30-year loan at 4.17%
Interest already paid$67,866Through Dec 2026
Assumption only · ends May 2049$132,463
Assumption + second · ends May 2049, second Jan 2057$337,657
New conventional · ends Jan 2057$469,721