Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,774/mo
Lowest payment- Down payment
- $84,250
- Funds due
- $94,731
- Interest + MI left
- $111,624
- First ends
- Dec 2049
Assumption
Assumption + second
$2,232/mo
+$459/mo- Down payment
- $27,250
- Funds due
- $39,066
- Interest + MI left
- $219,732
- First ends
- Dec 2049
New loan
New conventional
$2,325/mo
+$552/mo- Down payment
- $27,250
- Funds due
- $35,837
- Interest + MI left
- $354,794
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $185,650 | $185,650 | $242,650 |
| Second mortgage | — | $57,000 | — |
| First P&I | $986.14 | $986.14 | $1,643.80 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | $154.40 | $154.40 | $48.53 |
| Taxes, insurance & HOA | $633.00 | $633.00 | $633.00 |
| Total housing payment | $1,773.54 | $2,232.18 | $2,325.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,250
Closing costs & prepaids$11,816
Usable credit−$0
Total buyer cash needed$39,066
Earnest money paid−$0
Remaining funds due$39,066
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,699.00
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)$324.00
Initial HOA (3 months)$1,125.00
Prepaid interest, first (6 days)$108.64
Prepaid interest, second (6 days)$84.33
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 3.56%
Interest already paid$50,507Through Dec 2026
Assumption only · ends Dec 2049$111,624
Assumption + second · ends Dec 2049, second Jan 2057$219,732
New conventional · ends Jan 2057$354,794