Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,758/mo
Lowest payment- Down payment
- $67,901
- Funds due
- $77,948
- Interest + MI left
- $130,804
- First ends
- Jun 2050
Assumption
Assumption + second
$2,064/mo
+$306/mo- Down payment
- $29,901
- Funds due
- $41,236
- Interest + MI left
- $202,877
- First ends
- Jun 2050
New loan
New conventional
$2,239/mo
+$481/mo- Down payment
- $29,901
- Funds due
- $37,971
- Interest + MI left
- $378,666
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $224,099 | $224,099 | $262,099 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,150.34 | $1,150.34 | $1,763.16 |
| Second P&I | — | $305.76 | — |
| Mortgage insurance | $184.66 | $184.66 | $52.42 |
| Taxes, insurance & HOA | $423.17 | $423.17 | $423.17 |
| Total housing payment | $1,758.16 | $2,063.92 | $2,238.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,901
Closing costs & prepaids$11,334
Usable credit−$0
Total buyer cash needed$41,236
Earnest money paid−$0
Remaining funds due$41,236
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,920.00
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)$744.50
Initial HOA (3 months)$75.00
Prepaid interest, first (4 days)$82.52
Prepaid interest, second (4 days)$37.48
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 3.36%
Interest already paid$53,135Through Dec 2026
Assumption only · ends Jun 2050$130,804
Assumption + second · ends Jun 2050, second Jan 2057$202,877
New conventional · ends Jan 2057$378,666