Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,708/mo
Lowest payment- Down payment
- $182,036
- Funds due
- $193,181
- Interest + MI left
- $130,284
- First ends
- May 2050
Assumption
Assumption + second
$2,750/mo
+$1,042/mo- Down payment
- $40,036
- Funds due
- $52,711
- Interest + MI left
- $363,384
- First ends
- May 2050
New loan
New conventional
$2,904/mo
+$1,197/mo- Down payment
- $40,036
- Funds due
- $49,431
- Interest + MI left
- $526,108
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,814 | $217,814 | $359,814 |
| Second mortgage | — | $142,000 | — |
| First P&I | $1,133.31 | $1,133.31 | $2,437.51 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | $179.44 | $179.44 | $71.96 |
| Taxes, insurance & HOA | $394.92 | $394.92 | $394.92 |
| Total housing payment | $1,707.66 | $2,749.61 | $2,904.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,036
Closing costs & prepaids$12,675
Usable credit−$0
Total buyer cash needed$52,711
Earnest money paid−$0
Remaining funds due$52,711
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,998.50
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)$479.75
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$186.37
Prepaid interest, second (9 days)$280.11
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$54,019Through Dec 2026
Assumption only · ends May 2050$130,284
Assumption + second · ends May 2050, second Jan 2057$363,384
New conventional · ends Jan 2057$526,108