Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,798/mo
Lowest payment- Down payment
- $95,238
- Funds due
- $105,638
- Interest + MI left
- $134,837
- First ends
- Jun 2050
Assumption
Assumption + second
$2,305/mo
+$507/mo- Down payment
- $32,238
- Funds due
- $43,950
- Interest + MI left
- $254,326
- First ends
- Jun 2050
New loan
New conventional
$2,440/mo
+$642/mo- Down payment
- $32,238
- Funds due
- $40,655
- Interest + MI left
- $415,655
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $224,662 | $224,662 | $287,662 |
| Second mortgage | — | $63,000 | — |
| First P&I | $1,166.25 | $1,166.25 | $1,935.12 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | $184.66 | $184.66 | $57.53 |
| Taxes, insurance & HOA | $446.92 | $446.92 | $446.92 |
| Total housing payment | $1,797.83 | $2,304.74 | $2,439.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,238
Closing costs & prepaids$11,712
Usable credit−$0
Total buyer cash needed$43,950
Earnest money paid−$0
Remaining funds due$43,950
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$815.75
Initial HOA (3 months)$75.00
Prepaid interest, first (4 days)$85.43
Prepaid interest, second (4 days)$62.14
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 6 moOf the original 30-year loan at 3.47%
Interest already paid$54,940Through Dec 2026
Assumption only · ends Jun 2050$134,837
Assumption + second · ends Jun 2050, second Jan 2057$254,326
New conventional · ends Jan 2057$415,655