Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,347/mo
Lowest payment- Down payment
- $161,856
- Funds due
- $174,436
- Interest + MI left
- $134,544
- First ends
- May 2049
Assumption
Assumption + second
$3,272/mo
+$925/mo- Down payment
- $35,856
- Funds due
- $49,741
- Interest + MI left
- $341,379
- First ends
- May 2049
New loan
New conventional
$3,343/mo
+$996/mo- Down payment
- $35,856
- Funds due
- $46,361
- Interest + MI left
- $483,940
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $193,144 | $193,144 | $319,144 |
| Second mortgage | — | $126,000 | — |
| First P&I | $1,117.53 | $1,117.53 | $2,209.69 |
| Second P&I | — | $924.54 | — |
| Mortgage insurance | $159.96 | $159.96 | $63.83 |
| Taxes, insurance & HOA | $1,069.75 | $1,069.75 | $1,069.75 |
| Total housing payment | $2,347.24 | $3,271.78 | $3,343.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,856
Closing costs & prepaids$13,885
Usable credit−$0
Total buyer cash needed$49,741
Earnest money paid−$0
Remaining funds due$49,741
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$2,492.25
Initial HOA (3 months)$267.00
Prepaid interest, first (2 days)$45.51
Prepaid interest, second (2 days)$55.23
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 closing22 yr 6 moOf the original 30-year loan at 4.300%
Interest already paid$67,899Through Nov 2026
Assumption only · ends May 2049$134,544
Assumption + second · ends May 2049, second Dec 2056$341,379
New conventional · ends Dec 2056$483,940