Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,490/mo
Lowest payment- Down payment
- $154,893
- Funds due
- $166,864
- Interest + MI left
- $223,386
- First ends
- Dec 2048
Assumption
Assumption + second
$3,282/mo
+$792/mo- Down payment
- $46,893
- Funds due
- $60,256
- Interest + MI left
- $400,674
- First ends
- Dec 2048
New loan
New conventional
$3,269/mo
+$779/mo- Down payment
- $46,893
- Funds due
- $56,850
- Interest + MI left
- $603,948
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $305,107 | $305,107 | $413,107 |
| Second mortgage | — | $108,000 | — |
| First P&I | $1,847.98 | $1,847.98 | $2,798.53 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | $253.86 | $253.86 | $82.62 |
| Taxes, insurance & HOA | $387.67 | $387.67 | $387.67 |
| Total housing payment | $2,489.51 | $3,281.97 | $3,268.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,893
Closing costs & prepaids$13,363
Usable credit−$0
Total buyer cash needed$60,256
Earnest money paid−$0
Remaining funds due$60,256
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,600.00
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)$552.00
Initial HOA (3 months)$111.00
Prepaid interest, first (6 days)$233.22
Prepaid interest, second (6 days)$142.03
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 4.65%
Interest already paid$124,125Through Dec 2026
Assumption only · ends Dec 2048$223,386
Assumption + second · ends Dec 2048, second Jan 2057$400,674
New conventional · ends Jan 2057$603,948