Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,215/mo
Lowest payment- Down payment
- $213,326
- Funds due
- $225,530
- Interest + MI left
- $154,261
- First ends
- May 2047
Assumption
Assumption + second
$3,433/mo
+$1,218/mo- Down payment
- $47,326
- Funds due
- $60,998
- Interest + MI left
- $426,758
- First ends
- May 2047
New loan
New conventional
$3,378/mo
+$1,163/mo- Down payment
- $47,326
- Funds due
- $57,576
- Interest + MI left
- $609,163
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,674 | $250,674 | $416,674 |
| Second mortgage | — | $166,000 | — |
| First P&I | $1,521.44 | $1,521.44 | $2,822.69 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | $221.17 | $221.17 | $83.33 |
| Taxes, insurance & HOA | $472.25 | $472.25 | $472.25 |
| Total housing payment | $2,214.86 | $3,432.91 | $3,378.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,326
Closing costs & prepaids$13,672
Usable credit−$0
Total buyer cash needed$60,998
Earnest money paid−$0
Remaining funds due$60,998
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,640.00
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)$556.75
Initial HOA (3 months)$360.00
Prepaid interest, first (6 days)$171.83
Prepaid interest, second (6 days)$218.30
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 5 moOf the original 30-year loan at 4.17%
Interest already paid$113,400Through Dec 2026
Assumption only · ends May 2047$154,261
Assumption + second · ends May 2047, second Jan 2057$426,758
New conventional · ends Jan 2057$609,163