Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,569/mo
Lowest payment- Down payment
- $324,141
- Funds due
- $338,134
- Interest + MI left
- $169,097
- First ends
- May 2047
Assumption
Assumption + second
$4,460/mo
+$1,891/mo- Down payment
- $60,141
- Funds due
- $75,441
- Interest + MI left
- $585,976
- First ends
- May 2047
New loan
New conventional
$4,505/mo
+$1,936/mo- Down payment
- $60,141
- Funds due
- $71,811
- Interest + MI left
- $817,214
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,858 | $274,858 | $538,858 |
| Second mortgage | — | $264,000 | — |
| First P&I | $1,661.00 | $1,661.00 | $3,730.94 |
| Second P&I | — | $1,891.33 | — |
| Mortgage insurance | $242.03 | $242.03 | $107.77 |
| Taxes, insurance & HOA | $665.83 | $665.83 | $665.83 |
| Total housing payment | $2,568.86 | $4,460.19 | $4,504.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,141
Closing costs & prepaids$15,300
Usable credit−$0
Total buyer cash needed$75,441
Earnest money paid−$0
Remaining funds due$75,441
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,989.99
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)$1,497.50
Prepaid interest, first (1 days)$31.25
Prepaid interest, second (1 days)$56.05
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 closing20 yr 6 moOf the original 30-year loan at 4.150%
Interest already paid$122,516Through Nov 2026
Assumption only · ends May 2047$169,097
Assumption + second · ends May 2047, second Dec 2056$585,976
New conventional · ends Dec 2056$817,214