Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,004/mo
Lowest payment- Down payment
- $198,305
- Funds due
- $210,267
- Interest + MI left
- $147,419
- First ends
- Apr 2050
Assumption
Assumption + second
$3,126/mo
+$1,123/mo- Down payment
- $45,305
- Funds due
- $58,818
- Interest + MI left
- $398,576
- First ends
- Apr 2050
New loan
New conventional
$3,314/mo
+$1,311/mo- Down payment
- $45,305
- Funds due
- $55,519
- Interest + MI left
- $591,730
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $251,694 | $251,694 | $404,694 |
| Second mortgage | — | $153,000 | — |
| First P&I | $1,303.34 | $1,303.34 | $2,741.54 |
| Second P&I | — | $1,122.66 | — |
| Mortgage insurance | $208.17 | $208.17 | $80.94 |
| Taxes, insurance & HOA | $492.00 | $492.00 | $492.00 |
| Total housing payment | $2,003.51 | $3,126.17 | $3,314.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,305
Closing costs & prepaids$13,514
Usable credit−$0
Total buyer cash needed$58,818
Earnest money paid−$0
Remaining funds due$58,818
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.99
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)$486.00
Prepaid interest, first (9 days)$211.01
Prepaid interest, second (9 days)$301.81
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 3.4%
Interest already paid$62,073Through Dec 2026
Assumption only · ends Apr 2050$147,419
Assumption + second · ends Apr 2050, second Jan 2057$398,576
New conventional · ends Jan 2057$591,730