Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,875/mo
Lowest payment- Down payment
- $162,007
- Funds due
- $173,384
- Interest + MI left
- $137,636
- First ends
- Sep 2050
Assumption
Assumption + second
$2,763/mo
+$888/mo- Down payment
- $41,007
- Funds due
- $53,873
- Interest + MI left
- $336,264
- First ends
- Sep 2050
New loan
New conventional
$3,010/mo
+$1,135/mo- Down payment
- $41,007
- Funds due
- $50,636
- Interest + MI left
- $539,529
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,993 | $247,993 | $368,993 |
| Second mortgage | — | $121,000 | — |
| First P&I | $1,234.37 | $1,234.37 | $2,499.69 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | $203.98 | $203.98 | $73.80 |
| Taxes, insurance & HOA | $437.00 | $437.00 | $437.00 |
| Total housing payment | $1,875.35 | $2,763.20 | $3,010.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,007
Closing costs & prepaids$12,866
Usable credit−$0
Total buyer cash needed$53,873
Earnest money paid−$0
Remaining funds due$53,873
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$492.00
Initial HOA (3 months)$369.00
Prepaid interest, first (9 days)$191.40
Prepaid interest, second (9 days)$238.68
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 9 moOf the original 30-year loan at 3.13%
Interest already paid$52,603Through Dec 2026
Assumption only · ends Sep 2050$137,636
Assumption + second · ends Sep 2050, second Jan 2057$336,264
New conventional · ends Jan 2057$539,529