Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,449/mo
Lowest payment- Down payment
- $132,707
- Funds due
- $142,616
- Interest + MI left
- $112,276
- First ends
- Nov 2049
Assumption
Assumption + second
$2,182/mo
+$734/mo- Down payment
- $32,707
- Funds due
- $43,909
- Interest + MI left
- $276,432
- First ends
- Nov 2049
New loan
New conventional
$2,345/mo
+$897/mo- Down payment
- $32,707
- Funds due
- $40,569
- Interest + MI left
- $435,490
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,193 | $187,193 | $287,193 |
| Second mortgage | — | $100,000 | — |
| First P&I | $993.34 | $993.34 | $1,988.47 |
| Second P&I | — | $733.76 | — |
| Mortgage insurance | $155.72 | $155.72 | $57.44 |
| Taxes, insurance & HOA | $299.50 | $299.50 | $299.50 |
| Total housing payment | $1,448.57 | $2,182.33 | $2,345.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,707
Closing costs & prepaids$11,203
Usable credit−$0
Total buyer cash needed$43,909
Earnest money paid−$0
Remaining funds due$43,909
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$277.50
Initial HOA (3 months)$171.00
Prepaid interest, first (2 days)$36.41
Prepaid interest, second (2 days)$43.84
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 3.550%
Interest already paid$50,790Through Nov 2026
Assumption only · ends Nov 2049$112,276
Assumption + second · ends Nov 2049, second Dec 2056$276,432
New conventional · ends Dec 2056$435,490