Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,493/mo
Lowest payment- Down payment
- $146,636
- Funds due
- $158,842
- Interest + MI left
- $184,125
- First ends
- Nov 2049
Assumption
Assumption + second
$3,235/mo
+$741/mo- Down payment
- $45,636
- Funds due
- $59,137
- Interest + MI left
- $349,922
- First ends
- Nov 2049
New loan
New conventional
$3,504/mo
+$1,011/mo- Down payment
- $45,636
- Funds due
- $55,690
- Interest + MI left
- $613,013
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $303,264 | $303,264 | $404,264 |
| Second mortgage | — | $101,000 | — |
| First P&I | $1,617.31 | $1,617.31 | $2,799.04 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | $251.97 | $251.97 | $80.85 |
| Taxes, insurance & HOA | $624.17 | $624.17 | $624.17 |
| Total housing payment | $2,493.45 | $3,234.55 | $3,504.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,636
Closing costs & prepaids$13,501
Usable credit−$0
Total buyer cash needed$59,137
Earnest money paid−$0
Remaining funds due$59,137
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
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)$1,227.50
Initial HOA (3 months)$195.00
Prepaid interest, first (2 days)$59.82
Prepaid interest, second (2 days)$44.27
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 3.600%
Interest already paid$83,389Through Nov 2026
Assumption only · ends Nov 2049$184,125
Assumption + second · ends Nov 2049, second Dec 2056$349,922
New conventional · ends Dec 2056$613,013