Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,675/mo
Lowest payment- Down payment
- $156,900
- Funds due
- $167,725
- Interest + MI left
- $126,338
- First ends
- Apr 2050
Assumption
Assumption + second
$2,548/mo
+$873/mo- Down payment
- $37,900
- Funds due
- $50,210
- Interest + MI left
- $321,683
- First ends
- Apr 2050
New loan
New conventional
$2,705/mo
+$1,031/mo- Down payment
- $37,900
- Funds due
- $46,953
- Interest + MI left
- $485,373
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,000 | $213,000 | $332,000 |
| Second mortgage | — | $119,000 | — |
| First P&I | $1,108.58 | $1,108.58 | $2,249.08 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | $175.96 | $175.96 | $66.40 |
| Taxes, insurance & HOA | $390.00 | $390.00 | $390.00 |
| Total housing payment | $1,674.54 | $2,547.72 | $2,705.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,900
Closing costs & prepaids$12,310
Usable credit−$0
Total buyer cash needed$50,210
Earnest money paid−$0
Remaining funds due$50,210
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.00
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)$444.00
Initial HOA (3 months)$276.00
Prepaid interest, first (9 days)$181.20
Prepaid interest, second (9 days)$234.74
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 4 moOf the original 30-year loan at 3.45%
Interest already paid$53,270Through Dec 2026
Assumption only · ends Apr 2050$126,338
Assumption + second · ends Apr 2050, second Jan 2057$321,683
New conventional · ends Jan 2057$485,373