Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,213/mo
Lowest payment- Down payment
- $137,231
- Funds due
- $146,989
- Interest + MI left
- $85,219
- First ends
- Apr 2050
Assumption
Assumption + second
$2,013/mo
+$800/mo- Down payment
- $28,231
- Funds due
- $39,454
- Interest + MI left
- $264,148
- First ends
- Apr 2050
New loan
New conventional
$2,091/mo
+$878/mo- Down payment
- $28,231
- Funds due
- $36,221
- Interest + MI left
- $360,768
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $137,769 | $137,769 | $246,769 |
| Second mortgage | — | $109,000 | — |
| First P&I | $729.45 | $729.45 | $1,671.70 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | $113.37 | $113.37 | $49.35 |
| Taxes, insurance & HOA | $370.00 | $370.00 | $370.00 |
| Total housing payment | $1,212.81 | $2,012.62 | $2,091.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,231
Closing costs & prepaids$11,223
Usable credit−$0
Total buyer cash needed$39,454
Earnest money paid−$0
Remaining funds due$39,454
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$330.00
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$122.97
Prepaid interest, second (9 days)$215.01
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 3.62%
Interest already paid$36,078Through Dec 2026
Assumption only · ends Apr 2050$85,219
Assumption + second · ends Apr 2050, second Jan 2057$264,148
New conventional · ends Jan 2057$360,768