Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,030/mo
Lowest payment- Down payment
- $188,257
- Funds due
- $199,974
- Interest + MI left
- $165,300
- First ends
- Jan 2050
Assumption
Assumption + second
$3,079/mo
+$1,049/mo- Down payment
- $45,257
- Funds due
- $58,506
- Interest + MI left
- $400,042
- First ends
- Jan 2050
New loan
New conventional
$3,223/mo
+$1,193/mo- Down payment
- $45,257
- Funds due
- $55,196
- Interest + MI left
- $591,801
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $261,743 | $261,743 | $404,743 |
| Second mortgage | — | $143,000 | — |
| First P&I | $1,413.56 | $1,413.56 | $2,741.87 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | $216.20 | $216.20 | $80.95 |
| Taxes, insurance & HOA | $400.00 | $400.00 | $400.00 |
| Total housing payment | $2,029.76 | $3,079.04 | $3,222.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,257
Closing costs & prepaids$13,249
Usable credit−$0
Total buyer cash needed$58,506
Earnest money paid−$0
Remaining funds due$58,506
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)$210.00
Prepaid interest, first (9 days)$242.02
Prepaid interest, second (9 days)$282.08
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 1 moOf the original 30-year loan at 3.75%
Interest already paid$73,840Through Dec 2026
Assumption only · ends Jan 2050$165,300
Assumption + second · ends Jan 2050, second Jan 2057$400,042
New conventional · ends Jan 2057$591,801