Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,852/mo
Lowest payment- Down payment
- $214,072
- Funds due
- $225,707
- Interest + MI left
- $148,374
- First ends
- Dec 2049
Assumption
Assumption + second
$3,085/mo
+$1,233/mo- Down payment
- $46,072
- Funds due
- $58,994
- Interest + MI left
- $424,155
- First ends
- Dec 2049
New loan
New conventional
$3,294/mo
+$1,441/mo- Down payment
- $46,072
- Funds due
- $55,506
- Interest + MI left
- $627,750
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $245,928 | $245,928 | $413,928 |
| Second mortgage | — | $168,000 | — |
| First P&I | $1,303.27 | $1,303.27 | $2,865.95 |
| Second P&I | — | $1,232.72 | — |
| Mortgage insurance | $204.06 | $204.06 | $82.79 |
| Taxes, insurance & HOA | $345.16 | $345.16 | $345.16 |
| Total housing payment | $1,852.49 | $3,085.22 | $3,293.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,072
Closing costs & prepaids$12,921
Usable credit−$0
Total buyer cash needed$58,994
Earnest money paid−$0
Remaining funds due$58,994
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,600.00
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)$405.50
Initial HOA (3 months)$129.99
Prepaid interest, first (1 days)$23.99
Prepaid interest, second (1 days)$36.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 1 moOf the original 30-year loan at 3.560%
Interest already paid$66,020Through Nov 2026
Assumption only · ends Dec 2049$148,374
Assumption + second · ends Dec 2049, second Dec 2056$424,155
New conventional · ends Dec 2056$627,750