Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,868/mo
Lowest payment- Down payment
- $292,416
- Funds due
- $305,143
- Interest + MI left
- $141,898
- First ends
- Dec 2049
Assumption
Assumption + second
$3,580/mo
+$1,712/mo- Down payment
- $53,416
- Funds due
- $67,850
- Interest + MI left
- $519,299
- First ends
- Dec 2049
New loan
New conventional
$3,721/mo
+$1,853/mo- Down payment
- $53,416
- Funds due
- $64,437
- Interest + MI left
- $689,439
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $232,584 | $232,584 | $471,584 |
| Second mortgage | — | $239,000 | — |
| First P&I | $1,242.84 | $1,242.84 | $3,194.67 |
| Second P&I | — | $1,712.23 | — |
| Mortgage insurance | $193.16 | $193.16 | $94.32 |
| Taxes, insurance & HOA | $431.67 | $431.67 | $431.67 |
| Total housing payment | $1,867.66 | $3,579.89 | $3,720.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,416
Closing costs & prepaids$14,434
Usable credit−$0
Total buyer cash needed$67,850
Earnest money paid−$0
Remaining funds due$67,850
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$630.00
Initial HOA (3 months)$165.00
Prepaid interest, first (9 days)$207.61
Prepaid interest, second (9 days)$456.72
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3.62%
Interest already paid$64,293Through Dec 2026
Assumption only · ends Dec 2049$141,898
Assumption + second · ends Dec 2049, second Jan 2057$519,299
New conventional · ends Jan 2057$689,439