Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,299/mo
Lowest payment- Down payment
- $135,477
- Funds due
- $147,188
- Interest + MI left
- $183,388
- First ends
- Apr 2050
Assumption
Assumption + second
$3,039/mo
+$740/mo- Down payment
- $43,477
- Funds due
- $56,551
- Interest + MI left
- $357,879
- First ends
- Apr 2050
New loan
New conventional
$3,173/mo
+$875/mo- Down payment
- $43,477
- Funds due
- $53,181
- Interest + MI left
- $557,627
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $289,423 | $289,423 | $381,423 |
| Second mortgage | — | $92,000 | — |
| First P&I | $1,547.86 | $1,547.86 | $2,583.89 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | $237.62 | $237.62 | $76.28 |
| Taxes, insurance & HOA | $513.25 | $513.25 | $513.25 |
| Total housing payment | $2,298.73 | $3,038.98 | $3,173.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,477
Closing costs & prepaids$13,075
Usable credit−$0
Total buyer cash needed$56,551
Earnest money paid−$0
Remaining funds due$56,551
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,249.00
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)$1,083.50
Initial HOA (3 months)$6.24
Prepaid interest, first (5 days)$147.49
Prepaid interest, second (5 days)$113.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 3.72%
Interest already paid$77,792Through Dec 2026
Assumption only · ends Apr 2050$183,388
Assumption + second · ends Apr 2050, second Jan 2057$357,879
New conventional · ends Jan 2057$557,627