Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,479/mo
Lowest payment- Down payment
- $153,416
- Funds due
- $165,699
- Interest + MI left
- $204,851
- First ends
- Dec 2049
Assumption
Assumption + second
$3,242/mo
+$763/mo- Down payment
- $49,416
- Funds due
- $63,086
- Interest + MI left
- $375,573
- First ends
- Dec 2049
New loan
New conventional
$3,475/mo
+$996/mo- Down payment
- $49,416
- Funds due
- $59,725
- Interest + MI left
- $644,207
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $336,584 | $336,584 | $440,584 |
| Second mortgage | — | $104,000 | — |
| First P&I | $1,796.79 | $1,796.79 | $2,984.67 |
| Second P&I | — | $763.12 | — |
| Mortgage insurance | $279.59 | $279.59 | $88.12 |
| Taxes, insurance & HOA | $402.67 | $402.67 | $402.67 |
| Total housing payment | $2,479.04 | $3,242.16 | $3,475.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,416
Closing costs & prepaids$13,670
Usable credit−$0
Total buyer cash needed$63,086
Earnest money paid−$0
Remaining funds due$63,086
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,900.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$588.00
Initial HOA (3 months)$120.00
Prepaid interest, first (6 days)$199.74
Prepaid interest, second (6 days)$136.77
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 closing23 yrOf the original 30-year loan at 3.61%
Interest already paid$92,796Through Dec 2026
Assumption only · ends Dec 2049$204,851
Assumption + second · ends Dec 2049, second Jan 2057$375,573
New conventional · ends Jan 2057$644,207