Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,644/mo
Lowest payment- Down payment
- $170,111
- Funds due
- $182,714
- Interest + MI left
- $217,910
- First ends
- Mar 2049
Assumption
Assumption + second
$3,546/mo
+$903/mo- Down payment
- $47,111
- Funds due
- $61,018
- Interest + MI left
- $419,821
- First ends
- Mar 2049
New loan
New conventional
$3,612/mo
+$968/mo- Down payment
- $47,111
- Funds due
- $57,538
- Interest + MI left
- $633,673
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $294,889 | $294,889 | $417,889 |
| Second mortgage | — | $123,000 | — |
| First P&I | $1,765.86 | $1,765.86 | $2,893.38 |
| Second P&I | — | $902.53 | — |
| Mortgage insurance | $243.43 | $243.43 | $83.58 |
| Taxes, insurance & HOA | $634.58 | $634.58 | $634.58 |
| Total housing payment | $2,643.87 | $3,546.40 | $3,611.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,111
Closing costs & prepaids$13,907
Usable credit−$0
Total buyer cash needed$61,018
Earnest money paid−$0
Remaining funds due$61,018
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,313.75
Initial HOA (3 months)$90.00
Prepaid interest, first (2 days)$74.65
Prepaid interest, second (2 days)$53.92
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 closing22 yr 4 moOf the original 30-year loan at 4.620%
Interest already paid$113,689Through Nov 2026
Assumption only · ends Mar 2049$217,910
Assumption + second · ends Mar 2049, second Dec 2056$419,821
New conventional · ends Dec 2056$633,673