Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,907/mo
Lowest payment- Down payment
- $108,484
- Funds due
- $119,243
- Interest + MI left
- $152,605
- First ends
- Aug 2050
Assumption
Assumption + second
$2,470/mo
+$563/mo- Down payment
- $38,484
- Funds due
- $50,648
- Interest + MI left
- $285,370
- First ends
- Aug 2050
New loan
New conventional
$2,687/mo
+$780/mo- Down payment
- $38,484
- Funds due
- $47,440
- Interest + MI left
- $491,975
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $266,516 | $266,516 | $336,516 |
| Second mortgage | — | $70,000 | — |
| First P&I | $1,347.77 | $1,347.77 | $2,279.68 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | $219.08 | $219.08 | $67.30 |
| Taxes, insurance & HOA | $340.00 | $340.00 | $340.00 |
| Total housing payment | $1,906.85 | $2,470.08 | $2,686.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,484
Closing costs & prepaids$12,165
Usable credit−$0
Total buyer cash needed$50,648
Earnest money paid−$0
Remaining funds due$50,648
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$450.00
Initial HOA (3 months)$120.00
Prepaid interest, first (9 days)$214.24
Prepaid interest, second (9 days)$155.34
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 3.26%
Interest already paid$59,653Through Dec 2026
Assumption only · ends Aug 2050$152,605
Assumption + second · ends Aug 2050, second Jan 2057$285,370
New conventional · ends Jan 2057$491,975