Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,106/mo
Lowest payment- Down payment
- $157,727
- Funds due
- $169,114
- Interest + MI left
- $169,001
- First ends
- Nov 2049
Assumption
Assumption + second
$2,950/mo
+$844/mo- Down payment
- $42,727
- Funds due
- $55,414
- Interest + MI left
- $357,779
- First ends
- Nov 2049
New loan
New conventional
$3,159/mo
+$1,052/mo- Down payment
- $42,727
- Funds due
- $51,986
- Interest + MI left
- $579,743
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $267,273 | $267,273 | $382,273 |
| Second mortgage | — | $115,000 | — |
| First P&I | $1,449.58 | $1,449.58 | $2,646.78 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | $221.17 | $221.17 | $76.45 |
| Taxes, insurance & HOA | $435.58 | $435.58 | $435.58 |
| Total housing payment | $2,106.33 | $2,950.16 | $3,158.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,727
Closing costs & prepaids$12,687
Usable credit−$0
Total buyer cash needed$55,414
Earnest money paid−$0
Remaining funds due$55,414
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$727.75
Initial HOA (3 months)$129.00
Prepaid interest, first (2 days)$55.21
Prepaid interest, second (2 days)$50.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.770%
Interest already paid$76,798Through Nov 2026
Assumption only · ends Nov 2049$169,001
Assumption + second · ends Nov 2049, second Dec 2056$357,779
New conventional · ends Dec 2056$579,743