Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,688/mo
Lowest payment- Down payment
- $116,718
- Funds due
- $127,253
- Interest + MI left
- $123,357
- First ends
- Oct 2050
Assumption
Assumption + second
$2,348/mo
+$660/mo- Down payment
- $34,718
- Funds due
- $46,685
- Interest + MI left
- $278,881
- First ends
- Oct 2050
New loan
New conventional
$2,544/mo
+$856/mo- Down payment
- $34,718
- Funds due
- $43,485
- Interest + MI left
- $453,684
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,282 | $228,282 | $310,282 |
| Second mortgage | — | $82,000 | — |
| First P&I | $1,120.57 | $1,120.57 | $2,101.96 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | $187.79 | $187.79 | $62.06 |
| Taxes, insurance & HOA | $380.00 | $380.00 | $380.00 |
| Total housing payment | $1,688.36 | $2,348.15 | $2,544.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,718
Closing costs & prepaids$11,967
Usable credit−$0
Total buyer cash needed$46,685
Earnest money paid−$0
Remaining funds due$46,685
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$414.00
Initial HOA (3 months)$276.00
Prepaid interest, first (9 days)$169.99
Prepaid interest, second (9 days)$181.97
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 10 moOf the original 30-year loan at 3.02%
Interest already paid$46,096Through Dec 2026
Assumption only · ends Oct 2050$123,357
Assumption + second · ends Oct 2050, second Jan 2057$278,881
New conventional · ends Jan 2057$453,684