Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,642/mo
Lowest payment- Down payment
- $159,819
- Funds due
- $170,389
- Interest + MI left
- $125,180
- First ends
- Nov 2049
Assumption
Assumption + second
$2,544/mo
+$903/mo- Down payment
- $36,819
- Funds due
- $48,666
- Interest + MI left
- $327,091
- First ends
- Nov 2049
New loan
New conventional
$2,713/mo
+$1,071/mo- Down payment
- $36,819
- Funds due
- $45,268
- Interest + MI left
- $497,709
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,181 | $205,181 | $328,181 |
| Second mortgage | — | $123,000 | — |
| First P&I | $1,096.41 | $1,096.41 | $2,272.26 |
| Second P&I | — | $902.53 | — |
| Mortgage insurance | $170.40 | $170.40 | $65.64 |
| Taxes, insurance & HOA | $375.09 | $375.09 | $375.09 |
| Total housing payment | $1,641.89 | $2,544.42 | $2,712.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,819
Closing costs & prepaids$11,848
Usable credit−$0
Total buyer cash needed$48,666
Earnest money paid−$0
Remaining funds due$48,666
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$505.25
Initial HOA (3 months)$170.01
Prepaid interest, first (1 days)$20.35
Prepaid interest, second (1 days)$26.96
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$56,718Through Nov 2026
Assumption only · ends Nov 2049$125,180
Assumption + second · ends Nov 2049, second Dec 2056$327,091
New conventional · ends Dec 2056$497,709