Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,745/mo
Lowest payment- Down payment
- $166,489
- Funds due
- $177,620
- Interest + MI left
- $127,710
- First ends
- May 2050
Assumption
Assumption + second
$2,684/mo
+$939/mo- Down payment
- $38,489
- Funds due
- $51,123
- Interest + MI left
- $337,829
- First ends
- May 2050
New loan
New conventional
$2,840/mo
+$1,095/mo- Down payment
- $38,489
- Funds due
- $47,858
- Interest + MI left
- $499,346
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,511 | $213,511 | $341,511 |
| Second mortgage | — | $128,000 | — |
| First P&I | $1,110.92 | $1,110.92 | $2,313.51 |
| Second P&I | — | $939.22 | — |
| Mortgage insurance | $175.89 | $175.89 | $68.30 |
| Taxes, insurance & HOA | $458.00 | $458.00 | $458.00 |
| Total housing payment | $1,744.82 | $2,684.04 | $2,839.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,489
Closing costs & prepaids$12,634
Usable credit−$0
Total buyer cash needed$51,123
Earnest money paid−$0
Remaining funds due$51,123
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$456.00
Initial HOA (3 months)$468.00
Prepaid interest, first (9 days)$182.68
Prepaid interest, second (9 days)$252.49
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 5 moOf the original 30-year loan at 3.47%
Interest already paid$52,952Through Dec 2026
Assumption only · ends May 2050$127,710
Assumption + second · ends May 2050, second Jan 2057$337,829
New conventional · ends Jan 2057$499,346