Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,644/mo
Lowest payment- Down payment
- $135,571
- Funds due
- $146,761
- Interest + MI left
- $30,480
- First ends
- Nov 2035
Assumption
Assumption + second
$3,414/mo
+$770/mo- Down payment
- $30,571
- Funds due
- $43,057
- Interest + MI left
- $202,843
- First ends
- Nov 2035
New loan
New conventional
$2,711/mo
+$68/mo- Down payment
- $30,571
- Funds due
- $39,737
- Interest + MI left
- $407,037
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $163,429 | $163,429 | $268,429 |
| Second mortgage | — | $105,000 | — |
| First P&I | $1,728.58 | $1,728.58 | $1,858.55 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | $115.76 | $115.76 | $53.69 |
| Taxes, insurance & HOA | $799.17 | $799.17 | $799.17 |
| Total housing payment | $2,643.51 | $3,413.96 | $2,711.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,571
Closing costs & prepaids$12,485
Usable credit−$0
Total buyer cash needed$43,057
Earnest money paid−$0
Remaining funds due$43,057
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$747.50
Initial HOA (3 months)$1,200.00
Prepaid interest, first (2 days)$26.87
Prepaid interest, second (2 days)$46.03
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 closing9 yrOf the original 30-year loan at 3.000%
Interest already paid$189,030Through Nov 2026
Assumption only · ends Nov 2035$30,480
Assumption + second · ends Nov 2035, second Dec 2056$202,843
New conventional · ends Dec 2056$407,037