Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,222/mo
Lowest payment- Down payment
- $184,319
- Funds due
- $196,455
- Interest + MI left
- $178,889
- First ends
- Nov 2049
Assumption
Assumption + second
$3,220/mo
+$998/mo- Down payment
- $48,319
- Funds due
- $61,884
- Interest + MI left
- $402,140
- First ends
- Nov 2049
New loan
New conventional
$3,406/mo
+$1,184/mo- Down payment
- $48,319
- Funds due
- $58,506
- Interest + MI left
- $631,189
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $295,681 | $295,681 | $431,681 |
| Second mortgage | — | $136,000 | — |
| First P&I | $1,580.55 | $1,580.55 | $2,924.36 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | $246.25 | $246.25 | $86.34 |
| Taxes, insurance & HOA | $395.34 | $395.34 | $395.34 |
| Total housing payment | $2,222.14 | $3,220.06 | $3,406.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,319
Closing costs & prepaids$13,565
Usable credit−$0
Total buyer cash needed$61,884
Earnest money paid−$0
Remaining funds due$61,884
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,800.00
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)$576.00
Initial HOA (3 months)$110.01
Prepaid interest, first (6 days)$174.98
Prepaid interest, second (6 days)$178.85
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 3.6%
Interest already paid$82,383Through Dec 2026
Assumption only · ends Nov 2049$178,889
Assumption + second · ends Nov 2049, second Jan 2057$402,140
New conventional · ends Jan 2057$631,189