Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,002/mo
Lowest payment- Down payment
- $112,703
- Funds due
- $123,946
- Interest + MI left
- $135,256
- First ends
- Sep 2050
Assumption
Assumption + second
$2,622/mo
+$620/mo- Down payment
- $35,703
- Funds due
- $48,310
- Interest + MI left
- $281,297
- First ends
- Sep 2050
New loan
New conventional
$2,806/mo
+$804/mo- Down payment
- $35,703
- Funds due
- $45,034
- Interest + MI left
- $459,491
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $237,297 | $237,297 | $314,297 |
| Second mortgage | — | $77,000 | — |
| First P&I | $1,193.49 | $1,193.49 | $2,129.16 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | $194.74 | $194.74 | $62.86 |
| Taxes, insurance & HOA | $614.00 | $614.00 | $614.00 |
| Total housing payment | $2,002.23 | $2,621.79 | $2,806.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,703
Closing costs & prepaids$12,607
Usable credit−$0
Total buyer cash needed$48,310
Earnest money paid−$0
Remaining funds due$48,310
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Initial HOA (3 months)$972.00
Prepaid interest, first (6 days)$126.00
Prepaid interest, second (6 days)$113.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 9 moOf the original 30-year loan at 3.23%
Interest already paid$51,881Through Dec 2026
Assumption only · ends Sep 2050$135,256
Assumption + second · ends Sep 2050, second Jan 2057$281,297
New conventional · ends Jan 2057$459,491