Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,716/mo
Lowest payment- Down payment
- $119,528
- Funds due
- $129,811
- Interest + MI left
- $141,630
- First ends
- Dec 2049
Assumption
Assumption + second
$2,392/mo
+$676/mo- Down payment
- $35,528
- Funds due
- $47,185
- Interest + MI left
- $300,948
- First ends
- Dec 2049
New loan
New conventional
$2,483/mo
+$767/mo- Down payment
- $35,528
- Funds due
- $43,889
- Interest + MI left
- $459,747
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $230,472 | $230,472 | $314,472 |
| Second mortgage | — | $84,000 | — |
| First P&I | $1,235.23 | $1,235.23 | $2,130.34 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | $191.26 | $191.26 | $62.89 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $1,716.49 | $2,392.37 | $2,483.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,528
Closing costs & prepaids$11,658
Usable credit−$0
Total buyer cash needed$47,185
Earnest money paid−$0
Remaining funds due$47,185
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Prepaid interest, first (6 days)$138.28
Prepaid interest, second (6 days)$124.27
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 3.65%
Interest already paid$64,212Through Dec 2026
Assumption only · ends Dec 2049$141,630
Assumption + second · ends Dec 2049, second Jan 2057$300,948
New conventional · ends Jan 2057$459,747