Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,317/mo
Lowest payment- Down payment
- $158,358
- Funds due
- $174,733
- Interest + MI left
- $365,032
- First ends
- May 2049
Assumption
Assumption + second
$5,009/mo
+$692/mo- Down payment
- $72,358
- Funds due
- $90,174
- Interest + MI left
- $528,144
- First ends
- May 2049
New loan
New conventional
$5,199/mo
+$882/mo- Down payment
- $72,358
- Funds due
- $86,802
- Interest + MI left
- $946,960
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $561,642 | $561,642 | $647,642 |
| Second mortgage | — | $86,000 | — |
| First P&I | $3,165.26 | $3,165.26 | $4,387.35 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | $469.63 | $469.63 | $129.53 |
| Taxes, insurance & HOA | $682.00 | $682.00 | $682.00 |
| Total housing payment | $4,316.89 | $5,008.86 | $5,198.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,358
Closing costs & prepaids$17,816
Usable credit−$0
Total buyer cash needed$90,174
Earnest money paid−$0
Remaining funds due$90,174
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,200.00
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)$864.00
Initial HOA (3 months)$531.99
Prepaid interest, first (9 days)$553.95
Prepaid interest, second (9 days)$190.85
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5 moOf the original 30-year loan at 4%
Interest already paid$186,681Through Dec 2026
Assumption only · ends May 2049$365,032
Assumption + second · ends May 2049, second Jan 2057$528,144
New conventional · ends Jan 2057$946,960