Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,406/mo
Lowest payment- Down payment
- $254,995
- Funds due
- $268,576
- Interest + MI left
- $155,948
- First ends
- Nov 2049
Assumption
Assumption + second
$3,861/mo
+$1,454/mo- Down payment
- $51,995
- Funds due
- $66,869
- Interest + MI left
- $476,502
- First ends
- Nov 2049
New loan
New conventional
$4,109/mo
+$1,702/mo- Down payment
- $51,995
- Funds due
- $63,325
- Interest + MI left
- $702,178
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $260,005 | $260,005 | $463,005 |
| Second mortgage | — | $203,000 | — |
| First P&I | $1,379.72 | $1,379.72 | $3,205.75 |
| Second P&I | — | $1,454.32 | — |
| Mortgage insurance | $216.29 | $216.29 | $92.60 |
| Taxes, insurance & HOA | $810.42 | $810.42 | $810.42 |
| Total housing payment | $2,406.44 | $3,860.75 | $4,108.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,995
Closing costs & prepaids$14,875
Usable credit−$0
Total buyer cash needed$66,869
Earnest money paid−$0
Remaining funds due$66,869
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$1,815.25
Initial HOA (3 months)$116.01
Prepaid interest, first (1 days)$25.29
Prepaid interest, second (1 days)$43.10
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 3.550%
Interest already paid$70,546Through Nov 2026
Assumption only · ends Nov 2049$155,948
Assumption + second · ends Nov 2049, second Dec 2056$476,502
New conventional · ends Dec 2056$702,178