Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,330/mo
Lowest payment- Down payment
- $181,431
- Funds due
- $193,685
- Interest + MI left
- $194,684
- First ends
- Dec 2049
Assumption
Assumption + second
$3,291/mo
+$961/mo- Down payment
- $50,431
- Funds due
- $64,107
- Interest + MI left
- $409,728
- First ends
- Dec 2049
New loan
New conventional
$3,495/mo
+$1,165/mo- Down payment
- $50,431
- Funds due
- $60,720
- Interest + MI left
- $655,882
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $317,569 | $317,569 | $448,569 |
| Second mortgage | — | $131,000 | — |
| First P&I | $1,700.34 | $1,700.34 | $3,038.76 |
| Second P&I | — | $961.23 | — |
| Mortgage insurance | $263.61 | $263.61 | $89.71 |
| Taxes, insurance & HOA | $366.25 | $366.25 | $366.25 |
| Total housing payment | $2,330.19 | $3,291.43 | $3,494.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,431
Closing costs & prepaids$13,676
Usable credit−$0
Total buyer cash needed$64,107
Earnest money paid−$0
Remaining funds due$64,107
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$598.75
Prepaid interest, first (6 days)$190.02
Prepaid interest, second (6 days)$172.27
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 3.64%
Interest already paid$88,247Through Dec 2026
Assumption only · ends Dec 2049$194,684
Assumption + second · ends Dec 2049, second Jan 2057$409,728
New conventional · ends Jan 2057$655,882