Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,474/mo
Lowest payment- Down payment
- $158,518
- Funds due
- $169,232
- Interest + MI left
- $85,067
- First ends
- Dec 2049
Assumption
Assumption + second
$2,413/mo
+$939/mo- Down payment
- $30,518
- Funds due
- $42,735
- Interest + MI left
- $295,185
- First ends
- Dec 2049
New loan
New conventional
$2,484/mo
+$1,010/mo- Down payment
- $30,518
- Funds due
- $39,480
- Interest + MI left
- $393,972
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $141,481 | $141,481 | $269,481 |
| Second mortgage | — | $128,000 | — |
| First P&I | $751.52 | $751.52 | $1,825.56 |
| Second P&I | — | $939.22 | — |
| Mortgage insurance | $117.67 | $117.67 | $53.90 |
| Taxes, insurance & HOA | $605.00 | $605.00 | $605.00 |
| Total housing payment | $1,474.19 | $2,413.40 | $2,484.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,518
Closing costs & prepaids$12,217
Usable credit−$0
Total buyer cash needed$42,735
Earnest money paid−$0
Remaining funds due$42,735
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.99
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)$360.00
Initial HOA (3 months)$1,005.00
Prepaid interest, first (9 days)$124.19
Prepaid interest, second (9 days)$252.49
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 3.56%
Interest already paid$38,491Through Dec 2026
Assumption only · ends Dec 2049$85,067
Assumption + second · ends Dec 2049, second Jan 2057$295,185
New conventional · ends Jan 2057$393,972