Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,669/mo
Lowest payment- Down payment
- $252,686
- Funds due
- $264,257
- Interest + MI left
- $102,901
- First ends
- May 2047
Assumption
Assumption + second
$3,174/mo
+$1,504/mo- Down payment
- $42,686
- Funds due
- $55,686
- Interest + MI left
- $434,508
- First ends
- May 2047
New loan
New conventional
$3,120/mo
+$1,451/mo- Down payment
- $42,686
- Funds due
- $52,248
- Interest + MI left
- $545,053
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,214 | $167,214 | $377,214 |
| Second mortgage | — | $210,000 | — |
| First P&I | $1,014.89 | $1,014.89 | $2,537.54 |
| Second P&I | — | $1,504.47 | — |
| Mortgage insurance | $147.53 | $147.53 | $75.44 |
| Taxes, insurance & HOA | $506.92 | $506.92 | $506.92 |
| Total housing payment | $1,669.34 | $3,173.81 | $3,119.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,686
Closing costs & prepaids$13,000
Usable credit−$0
Total buyer cash needed$55,686
Earnest money paid−$0
Remaining funds due$55,686
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,199.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,070.75
Prepaid interest, first (4 days)$76.41
Prepaid interest, second (4 days)$178.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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$75,644Through Dec 2026
Assumption only · ends May 2047$102,901
Assumption + second · ends May 2047, second Jan 2057$434,508
New conventional · ends Jan 2057$545,053