Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,300/mo
Lowest payment- Down payment
- $126,754
- Funds due
- $138,378
- Interest + MI left
- $170,507
- First ends
- Dec 2048
Assumption
Assumption + second
$3,024/mo
+$724/mo- Down payment
- $36,754
- Funds due
- $49,761
- Interest + MI left
- $341,205
- First ends
- Dec 2048
New loan
New conventional
$2,961/mo
+$661/mo- Down payment
- $36,754
- Funds due
- $46,419
- Interest + MI left
- $479,073
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $237,646 | $237,646 | $327,646 |
| Second mortgage | — | $90,000 | — |
| First P&I | $1,426.22 | $1,426.22 | $2,219.59 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | $198.22 | $198.22 | $65.53 |
| Taxes, insurance & HOA | $675.75 | $675.75 | $675.75 |
| Total housing payment | $2,300.19 | $3,024.35 | $2,960.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,754
Closing costs & prepaids$13,007
Usable credit−$0
Total buyer cash needed$49,761
Earnest money paid−$0
Remaining funds due$49,761
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,644.00
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)$437.25
Initial HOA (3 months)$1,140.00
Prepaid interest, first (6 days)$177.75
Prepaid interest, second (6 days)$133.15
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 closing22 yrOf the original 30-year loan at 4.55%
Interest already paid$94,726Through Dec 2026
Assumption only · ends Dec 2048$170,507
Assumption + second · ends Dec 2048, second Jan 2057$341,205
New conventional · ends Jan 2057$479,073