Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,488/mo
Lowest payment- Down payment
- $150,151
- Funds due
- $168,245
- Interest + MI left
- $380,210
- First ends
- May 2047
Assumption
Assumption + second
$6,091/mo
+$603/mo- Down payment
- $75,151
- Funds due
- $94,532
- Interest + MI left
- $522,459
- First ends
- May 2047
New loan
New conventional
$6,096/mo
+$608/mo- Down payment
- $75,151
- Funds due
- $90,825
- Interest + MI left
- $1,021,937
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $598,849 | $598,849 | $673,849 |
| Second mortgage | — | $75,000 | — |
| First P&I | $3,667.00 | $3,667.00 | $4,665.59 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | $524.88 | $524.88 | $134.77 |
| Taxes, insurance & HOA | $1,295.83 | $1,295.83 | $1,295.83 |
| Total housing payment | $5,487.71 | $6,091.17 | $6,096.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,151
Closing costs & prepaids$19,381
Usable credit−$0
Total buyer cash needed$94,532
Earnest money paid−$0
Remaining funds due$94,532
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,490.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,872.50
Initial HOA (3 months)$1,365.00
Prepaid interest, first (2 days)$141.10
Prepaid interest, second (2 days)$36.99
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 4.300%
Interest already paid$275,886Through Nov 2026
Assumption only · ends May 2047$380,210
Assumption + second · ends May 2047, second Dec 2056$522,459
New conventional · ends Dec 2056$1,021,937