Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,569/mo
Lowest payment- Down payment
- $132,456
- Funds due
- $142,703
- Interest + MI left
- $118,159
- First ends
- Apr 2050
Assumption
Assumption + second
$2,365/mo
+$797/mo- Down payment
- $33,456
- Funds due
- $45,002
- Interest + MI left
- $305,927
- First ends
- Apr 2050
New loan
New conventional
$2,491/mo
+$922/mo- Down payment
- $33,456
- Funds due
- $41,651
- Interest + MI left
- $449,670
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $197,544 | $197,544 | $296,544 |
| Second mortgage | — | $99,000 | — |
| First P&I | $1,027.84 | $1,027.84 | $2,053.21 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | $162.74 | $162.74 | $59.31 |
| Taxes, insurance & HOA | $378.00 | $378.00 | $378.00 |
| Total housing payment | $1,568.58 | $2,365.16 | $2,490.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,456
Closing costs & prepaids$11,545
Usable credit−$0
Total buyer cash needed$45,002
Earnest money paid−$0
Remaining funds due$45,002
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$408.00
Initial HOA (3 months)$276.00
Prepaid interest, first (2 days)$37.56
Prepaid interest, second (2 days)$48.82
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 5 moOf the original 30-year loan at 3.470%
Interest already paid$48,992Through Nov 2026
Assumption only · ends Apr 2050$118,159
Assumption + second · ends Apr 2050, second Dec 2056$305,927
New conventional · ends Dec 2056$449,670