Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,882/mo
Lowest payment- Down payment
- $166,437
- Funds due
- $178,248
- Interest + MI left
- $78,366
- First ends
- Dec 2047
Assumption
Assumption + second
$2,880/mo
+$998/mo- Down payment
- $30,437
- Funds due
- $43,618
- Interest + MI left
- $301,617
- First ends
- Dec 2047
New loan
New conventional
$2,861/mo
+$978/mo- Down payment
- $30,437
- Funds due
- $40,298
- Interest + MI left
- $389,359
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $133,463 | $133,463 | $269,463 |
| Second mortgage | — | $136,000 | — |
| First P&I | $771.65 | $771.65 | $1,812.69 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | $116.88 | $116.88 | $53.89 |
| Taxes, insurance & HOA | $993.92 | $993.92 | $993.92 |
| Total housing payment | $1,882.44 | $2,880.36 | $2,860.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,437
Closing costs & prepaids$13,181
Usable credit−$0
Total buyer cash needed$43,618
Earnest money paid−$0
Remaining funds due$43,618
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$764.75
Initial HOA (3 months)$1,767.00
Prepaid interest, first (4 days)$56.02
Prepaid interest, second (4 days)$119.23
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 closing21 yrOf the original 30-year loan at 3.83%
Interest already paid$51,802Through Dec 2026
Assumption only · ends Dec 2047$78,366
Assumption + second · ends Dec 2047, second Jan 2057$301,617
New conventional · ends Jan 2057$389,359