Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,600/mo
Lowest payment- Down payment
- $147,944
- Funds due
- $158,436
- Interest + MI left
- $143,033
- First ends
- Apr 2052
Assumption
Assumption + second
$2,407/mo
+$807/mo- Down payment
- $37,944
- Funds due
- $49,710
- Interest + MI left
- $323,604
- First ends
- Apr 2052
New loan
New conventional
$2,697/mo
+$1,098/mo- Down payment
- $37,944
- Funds due
- $46,303
- Interest + MI left
- $503,519
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $222,056 | $222,056 | $332,056 |
| Second mortgage | — | $110,000 | — |
| First P&I | $1,094.30 | $1,094.30 | $2,299.09 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | $173.70 | $173.70 | $66.41 |
| Taxes, insurance & HOA | $332.00 | $332.00 | $332.00 |
| Total housing payment | $1,600.00 | $2,407.14 | $2,697.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,944
Closing costs & prepaids$11,766
Usable credit−$0
Total buyer cash needed$49,710
Earnest money paid−$0
Remaining funds due$49,710
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$300.00
Initial HOA (3 months)$246.00
Prepaid interest, first (1 days)$20.99
Prepaid interest, second (1 days)$24.11
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing25 yr 5 moOf the original 30-year loan at 3.450%
Interest already paid$37,025Through Nov 2026
Assumption only · ends Apr 2052$143,033
Assumption + second · ends Apr 2052, second Dec 2056$323,604
New conventional · ends Dec 2056$503,519