Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,633/mo
Lowest payment- Down payment
- $131,627
- Funds due
- $142,069
- Interest + MI left
- $130,994
- First ends
- Sep 2051
Assumption
Assumption + second
$2,398/mo
+$764/mo- Down payment
- $36,627
- Funds due
- $48,342
- Interest + MI left
- $311,175
- First ends
- Sep 2051
New loan
New conventional
$2,672/mo
+$1,038/mo- Down payment
- $36,627
- Funds due
- $44,950
- Interest + MI left
- $498,000
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $233,373 | $233,373 | $328,373 |
| Second mortgage | — | $95,000 | — |
| First P&I | $1,114.10 | $1,114.10 | $2,273.59 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | $186.70 | $186.70 | $65.67 |
| Taxes, insurance & HOA | $332.66 | $332.66 | $332.66 |
| Total housing payment | $1,633.46 | $2,397.86 | $2,671.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,627
Closing costs & prepaids$11,716
Usable credit−$0
Total buyer cash needed$48,342
Earnest money paid−$0
Remaining funds due$48,342
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)$289.00
Initial HOA (3 months)$258.99
Prepaid interest, first (1 days)$19.31
Prepaid interest, second (1 days)$23.42
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 10 moOf the original 30-year loan at 3.020%
Interest already paid$38,870Through Nov 2026
Assumption only · ends Sep 2051$130,994
Assumption + second · ends Sep 2051, second Dec 2056$311,175
New conventional · ends Dec 2056$498,000