Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,774/mo
Lowest payment- Down payment
- $226,433
- Funds due
- $238,404
- Interest + MI left
- $113,449
- First ends
- May 2050
Assumption
Assumption + second
$3,116/mo
+$1,343/mo- Down payment
- $43,433
- Funds due
- $57,015
- Interest + MI left
- $413,853
- First ends
- May 2050
New loan
New conventional
$3,256/mo
+$1,483/mo- Down payment
- $43,433
- Funds due
- $53,684
- Interest + MI left
- $557,838
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $198,567 | $198,567 | $381,567 |
| Second mortgage | — | $183,000 | — |
| First P&I | $1,014.38 | $1,014.38 | $2,584.87 |
| Second P&I | — | $1,342.79 | — |
| Mortgage insurance | $164.27 | $164.27 | $76.31 |
| Taxes, insurance & HOA | $595.00 | $595.00 | $595.00 |
| Total housing payment | $1,773.64 | $3,116.43 | $3,256.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,433
Closing costs & prepaids$13,582
Usable credit−$0
Total buyer cash needed$57,015
Earnest money paid−$0
Remaining funds due$57,015
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Initial HOA (3 months)$825.00
Prepaid interest, first (9 days)$161.08
Prepaid interest, second (9 days)$360.99
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 3.29%
Interest already paid$46,794Through Dec 2026
Assumption only · ends May 2050$113,449
Assumption + second · ends May 2050, second Jan 2057$413,853
New conventional · ends Jan 2057$557,838