Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,542/mo
Lowest payment- Down payment
- $141,339
- Funds due
- $152,093
- Interest + MI left
- $86,837
- First ends
- Feb 2050
Assumption
Assumption + second
$2,371/mo
+$829/mo- Down payment
- $28,339
- Funds due
- $40,565
- Interest + MI left
- $272,332
- First ends
- Feb 2050
New loan
New conventional
$2,439/mo
+$897/mo- Down payment
- $28,339
- Funds due
- $37,328
- Interest + MI left
- $367,970
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $138,661 | $138,661 | $251,661 |
| Second mortgage | — | $113,000 | — |
| First P&I | $743.44 | $743.44 | $1,704.84 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | $114.41 | $114.41 | $50.33 |
| Taxes, insurance & HOA | $684.00 | $684.00 | $684.00 |
| Total housing payment | $1,541.85 | $2,371.01 | $2,439.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,339
Closing costs & prepaids$12,226
Usable credit−$0
Total buyer cash needed$40,565
Earnest money paid−$0
Remaining funds due$40,565
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$336.00
Initial HOA (3 months)$1,266.00
Prepaid interest, first (9 days)$126.50
Prepaid interest, second (9 days)$222.90
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 2 moOf the original 30-year loan at 3.7%
Interest already paid$38,104Through Dec 2026
Assumption only · ends Feb 2050$86,837
Assumption + second · ends Feb 2050, second Jan 2057$272,332
New conventional · ends Jan 2057$367,970