Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,639/mo
Lowest payment- Down payment
- $189,338
- Funds due
- $200,382
- Interest + MI left
- $120,394
- First ends
- Dec 2050
Assumption
Assumption + second
$2,725/mo
+$1,086/mo- Down payment
- $41,338
- Funds due
- $53,664
- Interest + MI left
- $363,344
- First ends
- Dec 2050
New loan
New conventional
$3,010/mo
+$1,371/mo- Down payment
- $41,338
- Funds due
- $50,225
- Interest + MI left
- $559,101
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,662 | $220,662 | $368,662 |
| Second mortgage | — | $148,000 | — |
| First P&I | $1,075.49 | $1,075.49 | $2,552.54 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | $180.23 | $180.23 | $73.73 |
| Taxes, insurance & HOA | $383.59 | $383.59 | $383.59 |
| Total housing payment | $1,639.31 | $2,725.28 | $3,009.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,338
Closing costs & prepaids$12,326
Usable credit−$0
Total buyer cash needed$53,664
Earnest money paid−$0
Remaining funds due$53,664
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$524.75
Initial HOA (3 months)$176.01
Prepaid interest, first (1 days)$18.26
Prepaid interest, second (1 days)$32.44
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 closing24 yr 1 moOf the original 30-year loan at 3.020%
Interest already paid$42,579Through Nov 2026
Assumption only · ends Dec 2050$120,394
Assumption + second · ends Dec 2050, second Dec 2056$363,344
New conventional · ends Dec 2056$559,101