Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,960/mo
Lowest payment- Down payment
- $428,537
- Funds due
- $446,949
- Interest + MI left
- $333,486
- First ends
- May 2049
Assumption
Assumption + second
$6,382/mo
+$2,421/mo- Down payment
- $90,537
- Funds due
- $110,702
- Interest + MI left
- $867,217
- First ends
- May 2049
New loan
New conventional
$6,455/mo
+$2,495/mo- Down payment
- $90,537
- Funds due
- $106,961
- Interest + MI left
- $1,182,107
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $470,463 | $470,463 | $808,463 |
| Second mortgage | — | $338,000 | — |
| First P&I | $2,753.95 | $2,753.95 | $5,476.81 |
| Second P&I | — | $2,421.47 | — |
| Mortgage insurance | $389.55 | $389.55 | $161.69 |
| Taxes, insurance & HOA | $816.92 | $816.92 | $816.92 |
| Total housing payment | $3,960.42 | $6,381.89 | $6,455.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,537
Closing costs & prepaids$20,165
Usable credit−$0
Total buyer cash needed$110,702
Earnest money paid−$0
Remaining funds due$110,702
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,990.00
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)$1,078.75
Initial HOA (3 months)$722.01
Prepaid interest, first (7 days)$396.99
Prepaid interest, second (7 days)$502.37
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 4.4%
Interest already paid$171,120Through Dec 2026
Assumption only · ends May 2049$333,486
Assumption + second · ends May 2049, second Jan 2057$867,217
New conventional · ends Jan 2057$1,182,107