Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,657/mo
Lowest payment- Down payment
- $120,015
- Funds due
- $130,713
- Interest + MI left
- $95,013
- First ends
- Dec 2049
Assumption
Assumption + second
$2,397/mo
+$740/mo- Down payment
- $28,015
- Funds due
- $40,076
- Interest + MI left
- $269,504
- First ends
- Dec 2049
New loan
New conventional
$2,421/mo
+$764/mo- Down payment
- $28,015
- Funds due
- $36,799
- Interest + MI left
- $361,084
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $154,985 | $154,985 | $246,985 |
| Second mortgage | — | $92,000 | — |
| First P&I | $829.83 | $829.83 | $1,673.16 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | $128.65 | $128.65 | $49.40 |
| Taxes, insurance & HOA | $698.75 | $698.75 | $698.75 |
| Total housing payment | $1,657.23 | $2,397.48 | $2,421.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,015
Closing costs & prepaids$12,062
Usable credit−$0
Total buyer cash needed$40,076
Earnest money paid−$0
Remaining funds due$40,076
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$701.25
Initial HOA (3 months)$945.00
Prepaid interest, first (5 days)$77.28
Prepaid interest, second (5 days)$113.42
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 yrOf the original 30-year loan at 3.64%
Interest already paid$43,068Through Dec 2026
Assumption only · ends Dec 2049$95,013
Assumption + second · ends Dec 2049, second Jan 2057$269,504
New conventional · ends Jan 2057$361,084