Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,837/mo
Lowest payment- Down payment
- $163,799
- Funds due
- $175,077
- Interest + MI left
- $137,903
- First ends
- Oct 2050
Assumption
Assumption + second
$2,725/mo
+$888/mo- Down payment
- $42,799
- Funds due
- $55,566
- Interest + MI left
- $336,530
- First ends
- Oct 2050
New loan
New conventional
$2,998/mo
+$1,161/mo- Down payment
- $42,799
- Funds due
- $52,325
- Interest + MI left
- $549,993
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,201 | $255,201 | $376,201 |
| Second mortgage | — | $121,000 | — |
| First P&I | $1,252.71 | $1,252.71 | $2,548.52 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | $209.93 | $209.93 | $75.24 |
| Taxes, insurance & HOA | $374.25 | $374.25 | $374.25 |
| Total housing payment | $1,836.89 | $2,724.74 | $2,998.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,799
Closing costs & prepaids$12,766
Usable credit−$0
Total buyer cash needed$55,566
Earnest money paid−$0
Remaining funds due$55,566
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,190.00
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)$502.75
Initial HOA (3 months)$170.01
Prepaid interest, first (9 days)$190.04
Prepaid interest, second (9 days)$238.68
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 10 moOf the original 30-year loan at 3.02%
Interest already paid$51,531Through Dec 2026
Assumption only · ends Oct 2050$137,903
Assumption + second · ends Oct 2050, second Jan 2057$336,530
New conventional · ends Jan 2057$549,993