Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,673/mo
Lowest payment- Down payment
- $184,118
- Funds due
- $195,199
- Interest + MI left
- $128,769
- First ends
- May 2050
Assumption
Assumption + second
$2,730/mo
+$1,057/mo- Down payment
- $40,118
- Funds due
- $52,733
- Interest + MI left
- $365,153
- First ends
- May 2050
New loan
New conventional
$2,882/mo
+$1,208/mo- Down payment
- $40,118
- Funds due
- $49,449
- Interest + MI left
- $525,330
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $215,282 | $215,282 | $359,282 |
| Second mortgage | — | $144,000 | — |
| First P&I | $1,120.13 | $1,120.13 | $2,433.90 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | $177.35 | $177.35 | $71.86 |
| Taxes, insurance & HOA | $375.75 | $375.75 | $375.75 |
| Total housing payment | $1,673.24 | $2,729.86 | $2,881.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,118
Closing costs & prepaids$12,615
Usable credit−$0
Total buyer cash needed$52,733
Earnest money paid−$0
Remaining funds due$52,733
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,994.00
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)$479.25
Initial HOA (3 months)$198.00
Prepaid interest, first (9 days)$184.20
Prepaid interest, second (9 days)$284.05
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$53,391Through Dec 2026
Assumption only · ends May 2050$128,769
Assumption + second · ends May 2050, second Jan 2057$365,153
New conventional · ends Jan 2057$525,330