Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,642/mo
Lowest payment- Down payment
- $131,626
- Funds due
- $142,040
- Interest + MI left
- $121,862
- First ends
- Jun 2050
Assumption
Assumption + second
$2,430/mo
+$789/mo- Down payment
- $33,626
- Funds due
- $45,314
- Interest + MI left
- $307,732
- First ends
- Jun 2050
New loan
New conventional
$2,570/mo
+$929/mo- Down payment
- $33,626
- Funds due
- $41,946
- Interest + MI left
- $457,054
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,374 | $203,374 | $301,374 |
| Second mortgage | — | $98,000 | — |
| First P&I | $1,051.18 | $1,051.18 | $2,086.65 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | $166.85 | $166.85 | $60.27 |
| Taxes, insurance & HOA | $423.50 | $423.50 | $423.50 |
| Total housing payment | $1,641.53 | $2,430.06 | $2,570.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,626
Closing costs & prepaids$11,689
Usable credit−$0
Total buyer cash needed$45,314
Earnest money paid−$0
Remaining funds due$45,314
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$595.50
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$19.22
Prepaid interest, second (1 days)$24.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7 moOf the original 30-year loan at 3.450%
Interest already paid$48,761Through Nov 2026
Assumption only · ends Jun 2050$121,862
Assumption + second · ends Jun 2050, second Dec 2056$307,732
New conventional · ends Dec 2056$457,054