Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,036/mo
Lowest payment- Down payment
- $181,709
- Funds due
- $193,581
- Interest + MI left
- $152,817
- First ends
- Aug 2050
Assumption
Assumption + second
$3,033/mo
+$998/mo- Down payment
- $45,709
- Funds due
- $59,099
- Interest + MI left
- $376,068
- First ends
- Aug 2050
New loan
New conventional
$3,281/mo
+$1,245/mo- Down payment
- $45,709
- Funds due
- $55,826
- Interest + MI left
- $591,059
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,291 | $268,291 | $404,291 |
| Second mortgage | — | $136,000 | — |
| First P&I | $1,353.94 | $1,353.94 | $2,738.81 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | $220.64 | $220.64 | $80.86 |
| Taxes, insurance & HOA | $461.00 | $461.00 | $461.00 |
| Total housing payment | $2,035.58 | $3,033.50 | $3,280.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,709
Closing costs & prepaids$13,391
Usable credit−$0
Total buyer cash needed$59,099
Earnest money paid−$0
Remaining funds due$59,099
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Initial HOA (3 months)$393.00
Prepaid interest, first (9 days)$214.34
Prepaid interest, second (9 days)$268.27
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 8 moOf the original 30-year loan at 3.24%
Interest already paid$59,696Through Dec 2026
Assumption only · ends Aug 2050$152,817
Assumption + second · ends Aug 2050, second Jan 2057$376,068
New conventional · ends Jan 2057$591,059