Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,577/mo
Lowest payment- Down payment
- $132,092
- Funds due
- $142,467
- Interest + MI left
- $121,171
- First ends
- Jun 2050
Assumption
Assumption + second
$2,366/mo
+$789/mo- Down payment
- $34,092
- Funds due
- $45,934
- Interest + MI left
- $307,042
- First ends
- Jun 2050
New loan
New conventional
$2,458/mo
+$881/mo- Down payment
- $34,092
- Funds due
- $42,686
- Interest + MI left
- $439,917
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $202,908 | $202,908 | $300,908 |
| Second mortgage | — | $98,000 | — |
| First P&I | $1,051.18 | $1,051.18 | $2,038.46 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | $166.85 | $166.85 | $60.18 |
| Taxes, insurance & HOA | $359.00 | $359.00 | $359.00 |
| Total housing payment | $1,577.03 | $2,365.56 | $2,457.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,092
Closing costs & prepaids$11,842
Usable credit−$0
Total buyer cash needed$45,934
Earnest money paid−$0
Remaining funds due$45,934
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$402.00
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$172.61
Prepaid interest, second (9 days)$217.48
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6 moOf the original 30-year loan at 3.45%
Interest already paid$49,346Through Dec 2026
Assumption only · ends Jun 2050$121,171
Assumption + second · ends Jun 2050, second Jan 2057$307,042
New conventional · ends Jan 2057$439,917