Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,635/mo
Lowest payment- Down payment
- $170,143
- Funds due
- $182,549
- Interest + MI left
- $239,386
- First ends
- Mar 2049
Assumption
Assumption + second
$3,516/mo
+$881/mo- Down payment
- $50,143
- Funds due
- $63,957
- Interest + MI left
- $436,372
- First ends
- Mar 2049
New loan
New conventional
$3,532/mo
+$897/mo- Down payment
- $50,143
- Funds due
- $60,533
- Interest + MI left
- $657,765
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $329,857 | $329,857 | $449,857 |
| Second mortgage | — | $120,000 | — |
| First P&I | $1,966.68 | $1,966.68 | $3,047.49 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | $273.33 | $273.33 | $89.97 |
| Taxes, insurance & HOA | $395.00 | $395.00 | $395.00 |
| Total housing payment | $2,635.01 | $3,515.53 | $3,532.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,143
Closing costs & prepaids$13,815
Usable credit−$0
Total buyer cash needed$63,957
Earnest money paid−$0
Remaining funds due$63,957
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$600.00
Initial HOA (3 months)$84.99
Prepaid interest, first (6 days)$246.72
Prepaid interest, second (6 days)$157.81
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 4.55%
Interest already paid$126,878Through Dec 2026
Assumption only · ends Mar 2049$239,386
Assumption + second · ends Mar 2049, second Jan 2057$436,372
New conventional · ends Jan 2057$657,765