Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,708/mo
Lowest payment- Down payment
- $116,173
- Funds due
- $126,634
- Interest + MI left
- $124,053
- First ends
- Oct 2050
Assumption
Assumption + second
$2,360/mo
+$652/mo- Down payment
- $35,173
- Funds due
- $46,924
- Interest + MI left
- $277,681
- First ends
- Oct 2050
New loan
New conventional
$2,607/mo
+$899/mo- Down payment
- $35,173
- Funds due
- $43,570
- Interest + MI left
- $469,812
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,827 | $228,827 | $309,827 |
| Second mortgage | — | $81,000 | — |
| First P&I | $1,120.57 | $1,120.57 | $2,145.18 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | $187.79 | $187.79 | $61.97 |
| Taxes, insurance & HOA | $399.42 | $399.42 | $399.42 |
| Total housing payment | $1,707.77 | $2,359.52 | $2,606.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,173
Closing costs & prepaids$11,751
Usable credit−$0
Total buyer cash needed$46,924
Earnest money paid−$0
Remaining funds due$46,924
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)$472.25
Initial HOA (3 months)$276.00
Prepaid interest, first (2 days)$37.87
Prepaid interest, second (2 days)$39.95
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 11 moOf the original 30-year loan at 3.020%
Interest already paid$45,520Through Nov 2026
Assumption only · ends Oct 2050$124,053
Assumption + second · ends Oct 2050, second Dec 2056$277,681
New conventional · ends Dec 2056$469,812