Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,392/mo
Lowest payment- Down payment
- $170,741
- Funds due
- $182,738
- Interest + MI left
- $216,616
- First ends
- Mar 2049
Assumption
Assumption + second
$3,302/mo
+$910/mo- Down payment
- $46,741
- Funds due
- $60,151
- Interest + MI left
- $420,168
- First ends
- Mar 2049
New loan
New conventional
$3,300/mo
+$908/mo- Down payment
- $46,741
- Funds due
- $56,740
- Interest + MI left
- $611,564
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $294,259 | $294,259 | $418,259 |
| Second mortgage | — | $124,000 | — |
| First P&I | $1,765.86 | $1,765.86 | $2,833.43 |
| Second P&I | — | $909.87 | — |
| Mortgage insurance | $243.43 | $243.43 | $83.65 |
| Taxes, insurance & HOA | $382.67 | $382.67 | $382.67 |
| Total housing payment | $2,391.96 | $3,301.82 | $3,299.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,741
Closing costs & prepaids$13,410
Usable credit−$0
Total buyer cash needed$60,151
Earnest money paid−$0
Remaining funds due$60,151
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
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)$558.00
Initial HOA (3 months)$90.00
Prepaid interest, first (6 days)$223.48
Prepaid interest, second (6 days)$163.07
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 3 moOf the original 30-year loan at 4.62%
Interest already paid$114,824Through Dec 2026
Assumption only · ends Mar 2049$216,616
Assumption + second · ends Mar 2049, second Jan 2057$420,168
New conventional · ends Jan 2057$611,564