Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,265/mo
Lowest payment- Down payment
- $212,678
- Funds due
- $224,919
- Interest + MI left
- $155,275
- First ends
- May 2047
Assumption
Assumption + second
$3,483/mo
+$1,218/mo- Down payment
- $46,678
- Funds due
- $60,242
- Interest + MI left
- $427,773
- First ends
- May 2047
New loan
New conventional
$3,496/mo
+$1,230/mo- Down payment
- $46,678
- Funds due
- $56,764
- Interest + MI left
- $632,897
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $251,322 | $251,322 | $417,322 |
| Second mortgage | — | $166,000 | — |
| First P&I | $1,521.44 | $1,521.44 | $2,889.45 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | $221.17 | $221.17 | $83.46 |
| Taxes, insurance & HOA | $522.75 | $522.75 | $522.75 |
| Total housing payment | $2,265.36 | $3,483.41 | $3,495.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,678
Closing costs & prepaids$13,563
Usable credit−$0
Total buyer cash needed$60,242
Earnest money paid−$0
Remaining funds due$60,242
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,640.00
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)$708.25
Initial HOA (3 months)$360.00
Prepaid interest, first (2 days)$57.43
Prepaid interest, second (2 days)$72.77
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 closing20 yr 6 moOf the original 30-year loan at 4.170%
Interest already paid$112,527Through Nov 2026
Assumption only · ends May 2047$155,275
Assumption + second · ends May 2047, second Dec 2056$427,773
New conventional · ends Dec 2056$632,897