Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,670/mo
Lowest payment- Down payment
- $102,424
- Funds due
- $112,883
- Interest + MI left
- $102,731
- First ends
- Dec 2049
Assumption
Assumption + second
$2,273/mo
+$603/mo- Down payment
- $27,424
- Funds due
- $39,226
- Interest + MI left
- $244,980
- First ends
- Dec 2049
New loan
New conventional
$2,325/mo
+$655/mo- Down payment
- $27,424
- Funds due
- $35,964
- Interest + MI left
- $354,638
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,576 | $167,576 | $242,576 |
| Second mortgage | — | $75,000 | — |
| First P&I | $897.24 | $897.24 | $1,643.29 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | $139.10 | $139.10 | $48.52 |
| Taxes, insurance & HOA | $633.50 | $633.50 | $633.50 |
| Total housing payment | $1,669.84 | $2,273.31 | $2,325.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,424
Closing costs & prepaids$11,802
Usable credit−$0
Total buyer cash needed$39,226
Earnest money paid−$0
Remaining funds due$39,226
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$688.50
Initial HOA (3 months)$762.00
Prepaid interest, first (5 days)$83.56
Prepaid interest, second (5 days)$92.47
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$46,567Through Dec 2026
Assumption only · ends Dec 2049$102,731
Assumption + second · ends Dec 2049, second Jan 2057$244,980
New conventional · ends Jan 2057$354,638