Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,743/mo
Lowest payment- Down payment
- $344,242
- Funds due
- $357,067
- Interest + MI left
- $129,945
- First ends
- May 2048
Assumption
Assumption + second
$3,821/mo
+$2,078/mo- Down payment
- $54,242
- Funds due
- $68,872
- Interest + MI left
- $587,880
- First ends
- May 2048
New loan
New conventional
$3,784/mo
+$2,040/mo- Down payment
- $54,242
- Funds due
- $65,368
- Interest + MI left
- $702,948
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $190,758 | $190,758 | $480,758 |
| Second mortgage | — | $290,000 | — |
| First P&I | $1,150.49 | $1,150.49 | $3,256.82 |
| Second P&I | — | $2,077.60 | — |
| Mortgage insurance | $162.16 | $162.16 | $96.15 |
| Taxes, insurance & HOA | $430.67 | $430.67 | $430.67 |
| Total housing payment | $1,743.32 | $3,820.91 | $3,783.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,242
Closing costs & prepaids$14,630
Usable credit−$0
Total buyer cash needed$68,872
Earnest money paid−$0
Remaining funds due$68,872
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,350.00
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)$642.00
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$208.37
Prepaid interest, second (9 days)$554.18
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 closing21 yr 5 moOf the original 30-year loan at 4.43%
Interest already paid$80,321Through Dec 2026
Assumption only · ends May 2048$129,945
Assumption + second · ends May 2048, second Jan 2057$587,880
New conventional · ends Jan 2057$702,948