Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,843/mo
Lowest payment- Down payment
- $191,320
- Funds due
- $202,527
- Interest + MI left
- $145,617
- First ends
- Nov 2049
Assumption
Assumption + second
$2,929/mo
+$1,086/mo- Down payment
- $43,320
- Funds due
- $55,809
- Interest + MI left
- $388,567
- First ends
- Nov 2049
New loan
New conventional
$3,124/mo
+$1,281/mo- Down payment
- $43,320
- Funds due
- $52,348
- Interest + MI left
- $586,426
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,680 | $238,680 | $386,680 |
| Second mortgage | — | $148,000 | — |
| First P&I | $1,275.41 | $1,275.41 | $2,677.29 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | $198.22 | $198.22 | $77.34 |
| Taxes, insurance & HOA | $369.42 | $369.42 | $369.42 |
| Total housing payment | $1,843.05 | $2,929.02 | $3,124.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,320
Closing costs & prepaids$12,489
Usable credit−$0
Total buyer cash needed$55,809
Earnest money paid−$0
Remaining funds due$55,809
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$454.25
Initial HOA (3 months)$204.00
Prepaid interest, first (1 days)$23.67
Prepaid interest, second (1 days)$32.44
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.620%
Interest already paid$65,978Through Nov 2026
Assumption only · ends Nov 2049$145,617
Assumption + second · ends Nov 2049, second Dec 2056$388,567
New conventional · ends Dec 2056$586,426