Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,452/mo
Lowest payment- Down payment
- $121,254
- Funds due
- $131,085
- Interest + MI left
- $110,419
- First ends
- Nov 2049
Assumption
Assumption + second
$2,176/mo
+$724/mo- Down payment
- $31,254
- Funds due
- $42,380
- Interest + MI left
- $281,117
- First ends
- Nov 2049
New loan
New conventional
$2,273/mo
+$821/mo- Down payment
- $31,254
- Funds due
- $39,048
- Interest + MI left
- $414,948
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $183,646 | $183,646 | $273,646 |
| Second mortgage | — | $90,000 | — |
| First P&I | $975.49 | $975.49 | $1,894.67 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | $152.74 | $152.74 | $54.73 |
| Taxes, insurance & HOA | $324.00 | $324.00 | $324.00 |
| Total housing payment | $1,452.23 | $2,176.39 | $2,273.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,254
Closing costs & prepaids$11,126
Usable credit−$0
Total buyer cash needed$42,380
Earnest money paid−$0
Remaining funds due$42,380
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,049.00
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)$507.25
Initial HOA (3 months)$14.76
Prepaid interest, first (2 days)$35.82
Prepaid interest, second (2 days)$44.38
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 3.560%
Interest already paid$49,962Through Nov 2026
Assumption only · ends Nov 2049$110,419
Assumption + second · ends Nov 2049, second Dec 2056$281,117
New conventional · ends Dec 2056$414,948