Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,451/mo
Lowest payment- Down payment
- $165,507
- Funds due
- $175,775
- Interest + MI left
- $112,139
- First ends
- Jan 2050
Assumption
Assumption + second
$2,413/mo
+$961/mo- Down payment
- $34,507
- Funds due
- $46,054
- Interest + MI left
- $327,182
- First ends
- Jan 2050
New loan
New conventional
$2,554/mo
+$1,102/mo- Down payment
- $34,507
- Funds due
- $42,675
- Interest + MI left
- $470,884
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,493 | $179,493 | $310,493 |
| Second mortgage | — | $131,000 | — |
| First P&I | $961.41 | $961.41 | $2,149.79 |
| Second P&I | — | $961.23 | — |
| Mortgage insurance | $148.13 | $148.13 | $62.10 |
| Taxes, insurance & HOA | $341.75 | $341.75 | $341.75 |
| Total housing payment | $1,451.29 | $2,412.52 | $2,553.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,507
Closing costs & prepaids$11,547
Usable credit−$0
Total buyer cash needed$46,054
Earnest money paid−$0
Remaining funds due$46,054
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$314.25
Initial HOA (3 months)$261.00
Prepaid interest, first (1 days)$18.15
Prepaid interest, second (1 days)$28.71
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 2 moOf the original 30-year loan at 3.690%
Interest already paid$49,198Through Nov 2026
Assumption only · ends Jan 2050$112,139
Assumption + second · ends Jan 2050, second Dec 2056$327,182
New conventional · ends Dec 2056$470,884