Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,620/mo
Lowest payment- Down payment
- $123,292
- Funds due
- $133,670
- Interest + MI left
- $107,808
- First ends
- Nov 2049
Assumption
Assumption + second
$2,368/mo
+$748/mo- Down payment
- $30,292
- Funds due
- $41,943
- Interest + MI left
- $284,196
- First ends
- Nov 2049
New loan
New conventional
$2,450/mo
+$830/mo- Down payment
- $30,292
- Funds due
- $38,605
- Interest + MI left
- $408,975
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $176,707 | $176,707 | $269,707 |
| Second mortgage | — | $93,000 | — |
| First P&I | $944.26 | $944.26 | $1,867.40 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | $146.75 | $146.75 | $53.94 |
| Taxes, insurance & HOA | $528.67 | $528.67 | $528.67 |
| Total housing payment | $1,619.67 | $2,367.97 | $2,450.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,292
Closing costs & prepaids$11,651
Usable credit−$0
Total buyer cash needed$41,943
Earnest money paid−$0
Remaining funds due$41,943
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)$272.00
Initial HOA (3 months)$864.00
Prepaid interest, first (1 days)$17.53
Prepaid interest, second (1 days)$22.93
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 closing23 yrOf the original 30-year loan at 3.620%
Interest already paid$48,847Through Nov 2026
Assumption only · ends Nov 2049$107,808
Assumption + second · ends Nov 2049, second Dec 2056$284,196
New conventional · ends Dec 2056$408,975