Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,883/mo
Lowest payment- Down payment
- $115,493
- Funds due
- $126,332
- Interest + MI left
- $138,335
- First ends
- Aug 2050
Assumption
Assumption + second
$2,519/mo
+$636/mo- Down payment
- $36,493
- Funds due
- $48,679
- Interest + MI left
- $288,170
- First ends
- Aug 2050
New loan
New conventional
$2,704/mo
+$821/mo- Down payment
- $36,493
- Funds due
- $45,376
- Interest + MI left
- $471,494
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $243,507 | $243,507 | $322,507 |
| Second mortgage | — | $79,000 | — |
| First P&I | $1,227.59 | $1,227.59 | $2,184.77 |
| Second P&I | — | $635.65 | — |
| Mortgage insurance | $200.30 | $200.30 | $64.50 |
| Taxes, insurance & HOA | $455.17 | $455.17 | $455.17 |
| Total housing payment | $1,883.06 | $2,518.71 | $2,704.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,493
Closing costs & prepaids$12,186
Usable credit−$0
Total buyer cash needed$48,679
Earnest money paid−$0
Remaining funds due$48,679
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,590.00
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)$915.50
Prepaid interest, first (5 days)$107.74
Prepaid interest, second (5 days)$97.40
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 closing23 yr 8 moOf the original 30-year loan at 3.23%
Interest already paid$54,020Through Dec 2026
Assumption only · ends Aug 2050$138,335
Assumption + second · ends Aug 2050, second Jan 2057$288,170
New conventional · ends Jan 2057$471,494