Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,565/mo
Lowest payment- Down payment
- $132,913
- Funds due
- $143,278
- Interest + MI left
- $117,487
- First ends
- Apr 2050
Assumption
Assumption + second
$2,361/mo
+$797/mo- Down payment
- $33,913
- Funds due
- $45,748
- Interest + MI left
- $305,254
- First ends
- Apr 2050
New loan
New conventional
$2,439/mo
+$874/mo- Down payment
- $33,913
- Funds due
- $42,495
- Interest + MI left
- $432,869
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $197,087 | $197,087 | $296,087 |
| Second mortgage | — | $99,000 | — |
| First P&I | $1,027.84 | $1,027.84 | $2,005.80 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | $162.74 | $162.74 | $59.22 |
| Taxes, insurance & HOA | $374.00 | $374.00 | $374.00 |
| Total housing payment | $1,564.58 | $2,361.16 | $2,439.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,913
Closing costs & prepaids$11,835
Usable credit−$0
Total buyer cash needed$45,748
Earnest money paid−$0
Remaining funds due$45,748
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$396.00
Initial HOA (3 months)$276.00
Prepaid interest, first (9 days)$168.63
Prepaid interest, second (9 days)$219.70
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 4 moOf the original 30-year loan at 3.47%
Interest already paid$49,563Through Dec 2026
Assumption only · ends Apr 2050$117,487
Assumption + second · ends Apr 2050, second Jan 2057$305,254
New conventional · ends Jan 2057$432,869