Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,090/mo
Lowest payment- Down payment
- $81,446
- Funds due
- $92,747
- Interest + MI left
- $126,638
- First ends
- Oct 2050
Assumption
Assumption + second
$2,500/mo
+$410/mo- Down payment
- $30,446
- Funds due
- $43,060
- Interest + MI left
- $223,367
- First ends
- Oct 2050
New loan
New conventional
$2,689/mo
+$599/mo- Down payment
- $30,446
- Funds due
- $39,809
- Interest + MI left
- $394,079
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,554 | $218,554 | $269,554 |
| Second mortgage | — | $51,000 | — |
| First P&I | $1,102.38 | $1,102.38 | $1,826.05 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | $178.74 | $178.74 | $53.91 |
| Taxes, insurance & HOA | $809.00 | $809.00 | $809.00 |
| Total housing payment | $2,090.12 | $2,500.48 | $2,688.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,446
Closing costs & prepaids$12,613
Usable credit−$0
Total buyer cash needed$43,060
Earnest money paid−$0
Remaining funds due$43,060
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$765.00
Initial HOA (3 months)$1,212.00
Prepaid interest, first (5 days)$98.20
Prepaid interest, second (5 days)$62.88
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 10 moOf the original 30-year loan at 3.28%
Interest already paid$47,785Through Dec 2026
Assumption only · ends Oct 2050$126,638
Assumption + second · ends Oct 2050, second Jan 2057$223,367
New conventional · ends Jan 2057$394,079