Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,987/mo
Lowest payment- Down payment
- $294,834
- Funds due
- $307,682
- Interest + MI left
- $161,550
- First ends
- May 2049
Assumption
Assumption + second
$3,720/mo
+$1,734/mo- Down payment
- $52,834
- Funds due
- $67,394
- Interest + MI left
- $543,689
- First ends
- May 2049
New loan
New conventional
$3,733/mo
+$1,746/mo- Down payment
- $52,834
- Funds due
- $63,934
- Interest + MI left
- $682,834
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $225,066 | $225,066 | $467,066 |
| Second mortgage | — | $242,000 | — |
| First P&I | $1,324.92 | $1,324.92 | $3,164.07 |
| Second P&I | — | $1,733.72 | — |
| Mortgage insurance | $186.09 | $186.09 | $93.41 |
| Taxes, insurance & HOA | $475.67 | $475.67 | $475.67 |
| Total housing payment | $1,986.68 | $3,720.39 | $3,733.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,834
Closing costs & prepaids$14,561
Usable credit−$0
Total buyer cash needed$67,394
Earnest money paid−$0
Remaining funds due$67,394
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)$624.00
Initial HOA (3 months)$303.00
Prepaid interest, first (9 days)$247.51
Prepaid interest, second (9 days)$462.45
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 4.46%
Interest already paid$82,916Through Dec 2026
Assumption only · ends May 2049$161,550
Assumption + second · ends May 2049, second Jan 2057$543,689
New conventional · ends Jan 2057$682,834