Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,769/mo
Lowest payment- Down payment
- $146,843
- Funds due
- $157,843
- Interest + MI left
- $114,578
- First ends
- Dec 2049
Assumption
Assumption + second
$2,598/mo
+$829/mo- Down payment
- $33,843
- Funds due
- $46,143
- Interest + MI left
- $300,073
- First ends
- Dec 2049
New loan
New conventional
$2,755/mo
+$985/mo- Down payment
- $33,843
- Funds due
- $42,790
- Interest + MI left
- $455,148
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,157 | $187,157 | $300,157 |
| Second mortgage | — | $113,000 | — |
| First P&I | $997.78 | $997.78 | $2,078.23 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | $155.07 | $155.07 | $60.03 |
| Taxes, insurance & HOA | $616.25 | $616.25 | $616.25 |
| Total housing payment | $1,769.10 | $2,598.25 | $2,754.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,843
Closing costs & prepaids$12,300
Usable credit−$0
Total buyer cash needed$46,143
Earnest money paid−$0
Remaining funds due$46,143
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,340.00
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)$924.75
Initial HOA (3 months)$474.00
Prepaid interest, first (2 days)$37.12
Prepaid interest, second (2 days)$49.53
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 yr 1 moOf the original 30-year loan at 3.620%
Interest already paid$51,051Through Nov 2026
Assumption only · ends Dec 2049$114,578
Assumption + second · ends Dec 2049, second Dec 2056$300,073
New conventional · ends Dec 2056$455,148