Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,519/mo
Lowest payment- Down payment
- $255,596
- Funds due
- $269,010
- Interest + MI left
- $156,252
- First ends
- May 2047
Assumption
Assumption + second
$3,980/mo
+$1,461/mo- Down payment
- $51,596
- Funds due
- $66,347
- Interest + MI left
- $478,385
- First ends
- May 2047
New loan
New conventional
$4,020/mo
+$1,501/mo- Down payment
- $51,596
- Funds due
- $62,822
- Interest + MI left
- $692,833
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $252,903 | $252,903 | $456,903 |
| Second mortgage | — | $204,000 | — |
| First P&I | $1,531.01 | $1,531.01 | $3,163.50 |
| Second P&I | — | $1,461.48 | — |
| Mortgage insurance | $222.56 | $222.56 | $91.38 |
| Taxes, insurance & HOA | $765.42 | $765.42 | $765.42 |
| Total housing payment | $2,518.99 | $3,980.47 | $4,020.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,596
Closing costs & prepaids$14,751
Usable credit−$0
Total buyer cash needed$66,347
Earnest money paid−$0
Remaining funds due$66,347
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,084.99
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)$1,271.25
Initial HOA (3 months)$525.00
Prepaid interest, first (2 days)$57.79
Prepaid interest, second (2 days)$86.63
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$113,234Through Nov 2026
Assumption only · ends May 2047$156,252
Assumption + second · ends May 2047, second Dec 2056$478,385
New conventional · ends Dec 2056$692,833