Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,454/mo
Lowest payment- Down payment
- $148,168
- Funds due
- $158,487
- Interest + MI left
- $106,109
- First ends
- Jan 2050
Assumption
Assumption + second
$2,306/mo
+$851/mo- Down payment
- $32,168
- Funds due
- $43,966
- Interest + MI left
- $296,529
- First ends
- Jan 2050
New loan
New conventional
$2,386/mo
+$931/mo- Down payment
- $32,168
- Funds due
- $40,711
- Interest + MI left
- $413,491
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,832 | $166,832 | $282,832 |
| Second mortgage | — | $116,000 | — |
| First P&I | $903.67 | $903.67 | $1,916.00 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | $137.71 | $137.71 | $56.57 |
| Taxes, insurance & HOA | $413.00 | $413.00 | $413.00 |
| Total housing payment | $1,454.38 | $2,305.55 | $2,385.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,168
Closing costs & prepaids$11,798
Usable credit−$0
Total buyer cash needed$43,966
Earnest money paid−$0
Remaining funds due$43,966
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$378.00
Initial HOA (3 months)$411.00
Prepaid interest, first (9 days)$155.50
Prepaid interest, second (9 days)$228.82
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 3.78%
Interest already paid$47,424Through Dec 2026
Assumption only · ends Jan 2050$106,109
Assumption + second · ends Jan 2050, second Jan 2057$296,529
New conventional · ends Jan 2057$413,491