Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,648/mo
Lowest payment- Down payment
- $135,354
- Funds due
- $145,865
- Interest + MI left
- $129,158
- First ends
- Mar 2050
Assumption
Assumption + second
$2,389/mo
+$741/mo- Down payment
- $34,354
- Funds due
- $46,314
- Interest + MI left
- $294,954
- First ends
- Mar 2050
New loan
New conventional
$2,514/mo
+$866/mo- Down payment
- $34,354
- Funds due
- $43,074
- Interest + MI left
- $446,759
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,546 | $204,546 | $305,546 |
| Second mortgage | — | $101,000 | — |
| First P&I | $1,096.40 | $1,096.40 | $2,069.88 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | $168.31 | $168.31 | $61.11 |
| Taxes, insurance & HOA | $383.00 | $383.00 | $383.00 |
| Total housing payment | $1,647.71 | $2,388.81 | $2,513.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,354
Closing costs & prepaids$11,960
Usable credit−$0
Total buyer cash needed$46,314
Earnest money paid−$0
Remaining funds due$46,314
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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)$291.00
Prepaid interest, first (9 days)$187.62
Prepaid interest, second (9 days)$199.23
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 3 moOf the original 30-year loan at 3.72%
Interest already paid$55,738Through Dec 2026
Assumption only · ends Mar 2050$129,158
Assumption + second · ends Mar 2050, second Jan 2057$294,954
New conventional · ends Jan 2057$446,759