Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,662/mo
Lowest payment- Down payment
- $119,160
- Funds due
- $129,574
- Interest + MI left
- $126,925
- First ends
- Jun 2050
Assumption
Assumption + second
$2,346/mo
+$684/mo- Down payment
- $34,160
- Funds due
- $46,013
- Interest + MI left
- $288,140
- First ends
- Jun 2050
New loan
New conventional
$2,486/mo
+$824/mo- Down payment
- $34,160
- Funds due
- $42,794
- Interest + MI left
- $447,189
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,840 | $220,840 | $305,840 |
| Second mortgage | — | $85,000 | — |
| First P&I | $1,126.66 | $1,126.66 | $2,071.87 |
| Second P&I | — | $683.93 | — |
| Mortgage insurance | $182.22 | $182.22 | $61.17 |
| Taxes, insurance & HOA | $353.00 | $353.00 | $353.00 |
| Total housing payment | $1,661.88 | $2,345.81 | $2,486.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,160
Closing costs & prepaids$11,852
Usable credit−$0
Total buyer cash needed$46,013
Earnest money paid−$0
Remaining funds due$46,013
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$408.00
Initial HOA (3 months)$201.00
Prepaid interest, first (9 days)$179.70
Prepaid interest, second (9 days)$188.63
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 6 moOf the original 30-year loan at 3.3%
Interest already paid$51,465Through Dec 2026
Assumption only · ends Jun 2050$126,925
Assumption + second · ends Jun 2050, second Jan 2057$288,140
New conventional · ends Jan 2057$447,189