Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,785/mo
Lowest payment- Down payment
- $91,618
- Funds due
- $102,113
- Interest + MI left
- $121,494
- First ends
- Nov 2050
Assumption
Assumption + second
$2,268/mo
+$483/mo- Down payment
- $31,618
- Funds due
- $43,392
- Interest + MI left
- $235,293
- First ends
- Nov 2050
New loan
New conventional
$2,530/mo
+$745/mo- Down payment
- $31,618
- Funds due
- $40,075
- Interest + MI left
- $429,768
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,382 | $223,382 | $283,382 |
| Second mortgage | — | $60,000 | — |
| First P&I | $1,091.32 | $1,091.32 | $1,962.08 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | $182.88 | $182.88 | $56.68 |
| Taxes, insurance & HOA | $511.00 | $511.00 | $511.00 |
| Total housing payment | $1,785.20 | $2,267.97 | $2,529.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,618
Closing costs & prepaids$11,775
Usable credit−$0
Total buyer cash needed$43,392
Earnest money paid−$0
Remaining funds due$43,392
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$818.00
Initial HOA (3 months)$264.99
Prepaid interest, first (2 days)$36.97
Prepaid interest, second (2 days)$29.59
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 closing24 yrOf the original 30-year loan at 3.020%
Interest already paid$43,769Through Nov 2026
Assumption only · ends Nov 2050$121,494
Assumption + second · ends Nov 2050, second Dec 2056$235,293
New conventional · ends Dec 2056$429,768