Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,590/mo
Lowest payment- Down payment
- $116,272
- Funds due
- $126,532
- Interest + MI left
- $120,678
- First ends
- Jul 2050
Assumption
Assumption + second
$2,258/mo
+$668/mo- Down payment
- $33,272
- Funds due
- $44,967
- Interest + MI left
- $278,099
- First ends
- Jul 2050
New loan
New conventional
$2,390/mo
+$799/mo- Down payment
- $33,272
- Funds due
- $41,746
- Interest + MI left
- $426,496
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $208,728 | $208,728 | $291,728 |
| Second mortgage | — | $83,000 | — |
| First P&I | $1,063.47 | $1,063.47 | $1,976.27 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | $171.79 | $171.79 | $58.35 |
| Taxes, insurance & HOA | $355.00 | $355.00 | $355.00 |
| Total housing payment | $1,590.26 | $2,258.09 | $2,389.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,272
Closing costs & prepaids$11,695
Usable credit−$0
Total buyer cash needed$44,967
Earnest money paid−$0
Remaining funds due$44,967
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$390.00
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$170.36
Prepaid interest, second (9 days)$184.19
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 7 moOf the original 30-year loan at 3.31%
Interest already paid$48,094Through Dec 2026
Assumption only · ends Jul 2050$120,678
Assumption + second · ends Jul 2050, second Jan 2057$278,099
New conventional · ends Jan 2057$426,496