Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,653/mo
Lowest payment- Down payment
- $109,816
- Funds due
- $120,480
- Interest + MI left
- $88,447
- First ends
- Nov 2049
Assumption
Assumption + second
$2,321/mo
+$668/mo- Down payment
- $26,816
- Funds due
- $38,852
- Interest + MI left
- $245,868
- First ends
- Nov 2049
New loan
New conventional
$2,360/mo
+$707/mo- Down payment
- $26,816
- Funds due
- $35,600
- Interest + MI left
- $340,860
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $150,184 | $150,184 | $233,184 |
| Second mortgage | — | $83,000 | — |
| First P&I | $794.07 | $794.07 | $1,579.67 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | $125.41 | $125.41 | $46.64 |
| Taxes, insurance & HOA | $734.00 | $734.00 | $734.00 |
| Total housing payment | $1,653.49 | $2,321.32 | $2,360.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,816
Closing costs & prepaids$12,036
Usable credit−$0
Total buyer cash needed$38,852
Earnest money paid−$0
Remaining funds due$38,852
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,600.00
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)$312.00
Initial HOA (3 months)$1,440.00
Prepaid interest, first (6 days)$86.16
Prepaid interest, second (6 days)$122.79
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 yr 11 moOf the original 30-year loan at 3.49%
Interest already paid$40,624Through Dec 2026
Assumption only · ends Nov 2049$88,447
Assumption + second · ends Nov 2049, second Jan 2057$245,868
New conventional · ends Jan 2057$340,860