Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,241/mo
Lowest payment- Down payment
- $193,198
- Funds due
- $205,058
- Interest + MI left
- $199,242
- First ends
- May 2049
Assumption
Assumption + second
$3,305/mo
+$1,064/mo- Down payment
- $48,198
- Funds due
- $61,339
- Interest + MI left
- $437,268
- First ends
- May 2049
New loan
New conventional
$3,407/mo
+$1,166/mo- Down payment
- $48,198
- Funds due
- $57,828
- Interest + MI left
- $647,189
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,802 | $281,802 | $426,802 |
| Second mortgage | — | $145,000 | — |
| First P&I | $1,641.34 | $1,641.34 | $2,955.09 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | $232.99 | $232.99 | $85.36 |
| Taxes, insurance & HOA | $366.83 | $366.83 | $366.83 |
| Total housing payment | $2,241.17 | $3,305.12 | $3,407.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,198
Closing costs & prepaids$13,141
Usable credit−$0
Total buyer cash needed$61,339
Earnest money paid−$0
Remaining funds due$61,339
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$600.50
Prepaid interest, first (1 days)$33.74
Prepaid interest, second (1 days)$31.78
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 4.370%
Interest already paid$100,590Through Nov 2026
Assumption only · ends May 2049$199,242
Assumption + second · ends May 2049, second Dec 2056$437,268
New conventional · ends Dec 2056$647,189