Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,791/mo
Lowest payment- Down payment
- $81,323
- Funds due
- $91,783
- Interest + MI left
- $93,861
- First ends
- Nov 2047
Assumption
Assumption + second
$2,250/mo
+$459/mo- Down payment
- $24,323
- Funds due
- $36,117
- Interest + MI left
- $201,969
- First ends
- Nov 2047
New loan
New conventional
$2,232/mo
+$441/mo- Down payment
- $24,323
- Funds due
- $32,893
- Interest + MI left
- $315,355
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $158,677 | $158,677 | $215,677 |
| Second mortgage | — | $57,000 | — |
| First P&I | $924.00 | $924.00 | $1,461.07 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | $139.10 | $139.10 | $43.14 |
| Taxes, insurance & HOA | $728.00 | $728.00 | $728.00 |
| Total housing payment | $1,791.10 | $2,249.73 | $2,232.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,323
Closing costs & prepaids$11,795
Usable credit−$0
Total buyer cash needed$36,117
Earnest money paid−$0
Remaining funds due$36,117
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,400.00
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)$288.00
Initial HOA (3 months)$1,446.00
Prepaid interest, first (6 days)$101.21
Prepaid interest, second (6 days)$84.33
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing20 yr 11 moOf the original 30-year loan at 3.88%
Interest already paid$63,016Through Dec 2026
Assumption only · ends Nov 2047$93,861
Assumption + second · ends Nov 2047, second Jan 2057$201,969
New conventional · ends Jan 2057$315,355