Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,568/mo
Lowest payment- Down payment
- $280,709
- Funds due
- $292,915
- Interest + MI left
- $106,045
- First ends
- May 2050
Assumption
Assumption + second
$3,245/mo
+$1,676/mo- Down payment
- $46,709
- Funds due
- $60,613
- Interest + MI left
- $475,551
- First ends
- May 2050
New loan
New conventional
$3,368/mo
+$1,800/mo- Down payment
- $46,709
- Funds due
- $57,225
- Interest + MI left
- $601,293
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $177,291 | $177,291 | $411,291 |
| Second mortgage | — | $234,000 | — |
| First P&I | $922.46 | $922.46 | $2,786.23 |
| Second P&I | — | $1,676.40 | — |
| Mortgage insurance | $146.06 | $146.06 | $82.26 |
| Taxes, insurance & HOA | $499.83 | $499.83 | $499.83 |
| Total housing payment | $1,568.35 | $3,244.76 | $3,368.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,709
Closing costs & prepaids$13,903
Usable credit−$0
Total buyer cash needed$60,613
Earnest money paid−$0
Remaining funds due$60,613
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,580.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$549.50
Initial HOA (3 months)$450.00
Prepaid interest, first (9 days)$151.69
Prepaid interest, second (9 days)$447.16
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 5 moOf the original 30-year loan at 3.47%
Interest already paid$43,969Through Dec 2026
Assumption only · ends May 2050$106,045
Assumption + second · ends May 2050, second Jan 2057$475,551
New conventional · ends Jan 2057$601,293