Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,231/mo
Lowest payment- Down payment
- $193,814
- Funds due
- $205,811
- Interest + MI left
- $198,063
- First ends
- May 2049
Assumption
Assumption + second
$3,302/mo
+$1,071/mo- Down payment
- $47,814
- Funds due
- $61,253
- Interest + MI left
- $437,730
- First ends
- May 2049
New loan
New conventional
$3,336/mo
+$1,105/mo- Down payment
- $47,814
- Funds due
- $57,835
- Interest + MI left
- $624,617
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,186 | $281,186 | $427,186 |
| Second mortgage | — | $146,000 | — |
| First P&I | $1,641.34 | $1,641.34 | $2,893.91 |
| Second P&I | — | $1,071.30 | — |
| Mortgage insurance | $232.99 | $232.99 | $85.44 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $2,231.00 | $3,302.30 | $3,336.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,814
Closing costs & prepaids$13,439
Usable credit−$0
Total buyer cash needed$61,253
Earnest money paid−$0
Remaining funds due$61,253
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$570.00
Prepaid interest, first (6 days)$201.99
Prepaid interest, second (6 days)$192.00
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 closing22 yr 5 moOf the original 30-year loan at 4.37%
Interest already paid$101,616Through Dec 2026
Assumption only · ends May 2049$198,063
Assumption + second · ends May 2049, second Jan 2057$437,730
New conventional · ends Jan 2057$624,617