Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,694/mo
Lowest payment- Down payment
- $157,918
- Funds due
- $168,588
- Interest + MI left
- $129,389
- First ends
- Nov 2049
Assumption
Assumption + second
$2,574/mo
+$881/mo- Down payment
- $37,918
- Funds due
- $49,890
- Interest + MI left
- $326,375
- First ends
- Nov 2049
New loan
New conventional
$2,750/mo
+$1,056/mo- Down payment
- $37,918
- Funds due
- $46,501
- Interest + MI left
- $503,557
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,081 | $212,081 | $332,081 |
| Second mortgage | — | $120,000 | — |
| First P&I | $1,133.28 | $1,133.28 | $2,299.26 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | $176.13 | $176.13 | $66.42 |
| Taxes, insurance & HOA | $384.17 | $384.17 | $384.17 |
| Total housing payment | $1,693.57 | $2,574.09 | $2,749.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,918
Closing costs & prepaids$11,972
Usable credit−$0
Total buyer cash needed$49,890
Earnest money paid−$0
Remaining funds due$49,890
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.99
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)$420.50
Initial HOA (3 months)$282.00
Prepaid interest, first (2 days)$42.07
Prepaid interest, second (2 days)$52.60
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 3.620%
Interest already paid$58,625Through Nov 2026
Assumption only · ends Nov 2049$129,389
Assumption + second · ends Nov 2049, second Dec 2056$326,375
New conventional · ends Dec 2056$503,557