Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,564/mo
Lowest payment- Down payment
- $144,066
- Funds due
- $154,594
- Interest + MI left
- $115,280
- First ends
- Aug 2050
Assumption
Assumption + second
$2,364/mo
+$800/mo- Down payment
- $35,066
- Funds due
- $47,059
- Interest + MI left
- $294,209
- First ends
- Aug 2050
New loan
New conventional
$2,549/mo
+$986/mo- Down payment
- $35,066
- Funds due
- $43,834
- Interest + MI left
- $456,083
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $202,923 | $202,923 | $311,923 |
| Second mortgage | — | $109,000 | — |
| First P&I | $1,022.99 | $1,022.99 | $2,113.08 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | $166.92 | $166.92 | $62.38 |
| Taxes, insurance & HOA | $373.83 | $373.83 | $373.83 |
| Total housing payment | $1,563.75 | $2,363.55 | $2,549.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,066
Closing costs & prepaids$11,993
Usable credit−$0
Total buyer cash needed$47,059
Earnest money paid−$0
Remaining funds due$47,059
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,469.89
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)$416.50
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$161.62
Prepaid interest, second (9 days)$215.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3.23%
Interest already paid$45,017Through Dec 2026
Assumption only · ends Aug 2050$115,280
Assumption + second · ends Aug 2050, second Jan 2057$294,209
New conventional · ends Jan 2057$456,083