Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,854/mo
Lowest payment- Down payment
- $196,348
- Funds due
- $207,542
- Interest + MI left
- $154,065
- First ends
- Nov 2049
Assumption
Assumption + second
$2,970/mo
+$1,115/mo- Down payment
- $44,348
- Funds due
- $56,825
- Interest + MI left
- $403,581
- First ends
- Nov 2049
New loan
New conventional
$3,150/mo
+$1,295/mo- Down payment
- $44,348
- Funds due
- $53,353
- Interest + MI left
- $600,033
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $243,652 | $243,652 | $395,652 |
| Second mortgage | — | $152,000 | — |
| First P&I | $1,321.47 | $1,321.47 | $2,739.41 |
| Second P&I | — | $1,115.32 | — |
| Mortgage insurance | $201.62 | $201.62 | $79.13 |
| Taxes, insurance & HOA | $331.17 | $331.17 | $331.17 |
| Total housing payment | $1,854.26 | $2,969.58 | $3,149.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,348
Closing costs & prepaids$12,477
Usable credit−$0
Total buyer cash needed$56,825
Earnest money paid−$0
Remaining funds due$56,825
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
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)$543.50
Prepaid interest, first (1 days)$25.17
Prepaid interest, second (1 days)$33.32
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 3.770%
Interest already paid$70,010Through Nov 2026
Assumption only · ends Nov 2049$154,065
Assumption + second · ends Nov 2049, second Dec 2056$403,581
New conventional · ends Dec 2056$600,033