Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,390/mo
Lowest payment- Down payment
- $191,451
- Funds due
- $202,152
- Interest + MI left
- $96,327
- First ends
- Sep 2050
Assumption
Assumption + second
$2,520/mo
+$1,130/mo- Down payment
- $37,451
- Funds due
- $49,705
- Interest + MI left
- $349,126
- First ends
- Sep 2050
New loan
New conventional
$2,683/mo
+$1,292/mo- Down payment
- $37,451
- Funds due
- $46,433
- Interest + MI left
- $485,949
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $178,349 | $178,349 | $332,349 |
| Second mortgage | — | $154,000 | — |
| First P&I | $878.49 | $878.49 | $2,251.45 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | $147.03 | $147.03 | $66.47 |
| Taxes, insurance & HOA | $364.92 | $364.92 | $364.92 |
| Total housing payment | $1,390.43 | $2,520.43 | $2,682.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,451
Closing costs & prepaids$12,255
Usable credit−$0
Total buyer cash needed$49,705
Earnest money paid−$0
Remaining funds due$49,705
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,698.00
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)$443.75
Initial HOA (3 months)$201.00
Prepaid interest, first (9 days)$133.25
Prepaid interest, second (9 days)$303.78
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 9 moOf the original 30-year loan at 3.03%
Interest already paid$36,666Through Dec 2026
Assumption only · ends Sep 2050$96,327
Assumption + second · ends Sep 2050, second Jan 2057$349,126
New conventional · ends Jan 2057$485,949