Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,673/mo
Lowest payment- Down payment
- $233,934
- Funds due
- $245,191
- Interest + MI left
- $134,703
- First ends
- May 2049
Assumption
Assumption + second
$3,067/mo
+$1,394/mo- Down payment
- $43,934
- Funds due
- $56,524
- Interest + MI left
- $446,598
- First ends
- May 2049
New loan
New conventional
$3,148/mo
+$1,475/mo- Down payment
- $43,934
- Funds due
- $53,064
- Interest + MI left
- $593,000
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,066 | $201,066 | $391,066 |
| Second mortgage | — | $190,000 | — |
| First P&I | $1,143.62 | $1,143.62 | $2,707.66 |
| Second P&I | — | $1,394.15 | — |
| Mortgage insurance | $167.24 | $167.24 | $78.21 |
| Taxes, insurance & HOA | $362.08 | $362.08 | $362.08 |
| Total housing payment | $1,672.95 | $3,067.10 | $3,147.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,934
Closing costs & prepaids$12,590
Usable credit−$0
Total buyer cash needed$56,524
Earnest money paid−$0
Remaining funds due$56,524
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$381.25
Initial HOA (3 months)$255.00
Prepaid interest, first (2 days)$45.39
Prepaid interest, second (2 days)$83.29
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 4.120%
Interest already paid$67,882Through Nov 2026
Assumption only · ends May 2049$134,703
Assumption + second · ends May 2049, second Dec 2056$446,598
New conventional · ends Dec 2056$593,000