Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,028/mo
Lowest payment- Down payment
- $187,664
- Funds due
- $199,187
- Interest + MI left
- $166,254
- First ends
- Jan 2050
Assumption
Assumption + second
$3,070/mo
+$1,042/mo- Down payment
- $45,664
- Funds due
- $58,499
- Interest + MI left
- $399,354
- First ends
- Jan 2050
New loan
New conventional
$3,279/mo
+$1,251/mo- Down payment
- $45,664
- Funds due
- $55,041
- Interest + MI left
- $613,122
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $262,336 | $262,336 | $404,336 |
| Second mortgage | — | $142,000 | — |
| First P&I | $1,413.56 | $1,413.56 | $2,799.54 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | $216.20 | $216.20 | $80.87 |
| Taxes, insurance & HOA | $398.25 | $398.25 | $398.25 |
| Total housing payment | $2,028.01 | $3,069.96 | $3,278.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,664
Closing costs & prepaids$12,836
Usable credit−$0
Total buyer cash needed$58,499
Earnest money paid−$0
Remaining funds due$58,499
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$534.75
Initial HOA (3 months)$210.00
Prepaid interest, first (2 days)$53.90
Prepaid interest, second (2 days)$62.25
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 yr 2 moOf the original 30-year loan at 3.750%
Interest already paid$73,020Through Nov 2026
Assumption only · ends Jan 2050$166,254
Assumption + second · ends Jan 2050, second Dec 2056$399,354
New conventional · ends Dec 2056$613,122