Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,457/mo
Lowest payment- Down payment
- $184,523
- Funds due
- $197,068
- Interest + MI left
- $205,122
- First ends
- Dec 2049
Assumption
Assumption + second
$3,433/mo
+$976/mo- Down payment
- $51,523
- Funds due
- $65,493
- Interest + MI left
- $423,448
- First ends
- Dec 2049
New loan
New conventional
$3,628/mo
+$1,171/mo- Down payment
- $51,523
- Funds due
- $62,096
- Interest + MI left
- $673,294
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $327,477 | $327,477 | $460,477 |
| Second mortgage | — | $133,000 | — |
| First P&I | $1,769.09 | $1,769.09 | $3,119.43 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | $271.25 | $271.25 | $92.10 |
| Taxes, insurance & HOA | $416.50 | $416.50 | $416.50 |
| Total housing payment | $2,456.84 | $3,432.75 | $3,628.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,523
Closing costs & prepaids$13,970
Usable credit−$0
Total buyer cash needed$65,493
Earnest money paid−$0
Remaining funds due$65,493
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,120.00
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)$614.50
Initial HOA (3 months)$135.00
Prepaid interest, first (6 days)$200.79
Prepaid interest, second (6 days)$174.90
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 3.73%
Interest already paid$93,145Through Dec 2026
Assumption only · ends Dec 2049$205,122
Assumption + second · ends Dec 2049, second Jan 2057$423,448
New conventional · ends Jan 2057$673,294