Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,074/mo
Lowest payment- Down payment
- $76,069
- Funds due
- $87,268
- Interest + MI left
- $124,213
- First ends
- Aug 2050
Assumption
Assumption + second
$2,445/mo
+$370/mo- Down payment
- $30,069
- Funds due
- $42,575
- Interest + MI left
- $211,458
- First ends
- Aug 2050
New loan
New conventional
$2,633/mo
+$558/mo- Down payment
- $30,069
- Funds due
- $39,329
- Interest + MI left
- $384,396
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $216,931 | $216,931 | $262,931 |
| Second mortgage | — | $46,000 | — |
| First P&I | $1,097.01 | $1,097.01 | $1,781.19 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $178.32 | $178.32 | $52.59 |
| Taxes, insurance & HOA | $799.08 | $799.08 | $799.08 |
| Total housing payment | $2,074.42 | $2,444.55 | $2,632.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,069
Closing costs & prepaids$12,506
Usable credit−$0
Total buyer cash needed$42,575
Earnest money paid−$0
Remaining funds due$42,575
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,930.00
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)$747.25
Initial HOA (3 months)$1,200.00
Prepaid interest, first (5 days)$96.88
Prepaid interest, second (5 days)$56.71
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 8 moOf the original 30-year loan at 3.26%
Interest already paid$48,554Through Dec 2026
Assumption only · ends Aug 2050$124,213
Assumption + second · ends Aug 2050, second Jan 2057$211,458
New conventional · ends Jan 2057$384,396