Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,818/mo
Lowest payment- Down payment
- $138,119
- Funds due
- $148,967
- Interest + MI left
- $129,267
- First ends
- Nov 2049
Assumption
Assumption + second
$2,574/mo
+$756/mo- Down payment
- $35,119
- Funds due
- $47,262
- Interest + MI left
- $298,347
- First ends
- Nov 2049
New loan
New conventional
$2,753/mo
+$935/mo- Down payment
- $35,119
- Funds due
- $43,901
- Interest + MI left
- $477,538
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,881 | $211,881 | $314,881 |
| Second mortgage | — | $103,000 | — |
| First P&I | $1,132.21 | $1,132.21 | $2,180.17 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | $175.96 | $175.96 | $62.98 |
| Taxes, insurance & HOA | $510.25 | $510.25 | $510.25 |
| Total housing payment | $1,818.42 | $2,574.20 | $2,753.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,119
Closing costs & prepaids$12,143
Usable credit−$0
Total buyer cash needed$47,262
Earnest money paid−$0
Remaining funds due$47,262
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$1,080.75
Prepaid interest, first (2 days)$42.03
Prepaid interest, second (2 days)$45.15
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$58,570Through Nov 2026
Assumption only · ends Nov 2049$129,267
Assumption + second · ends Nov 2049, second Dec 2056$298,347
New conventional · ends Dec 2056$477,538