Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,452/mo
Lowest payment- Down payment
- $75,896
- Funds due
- $87,455
- Interest + MI left
- $186,806
- First ends
- Jul 2050
Assumption
Assumption + second
$2,733/mo
+$282/mo- Down payment
- $40,896
- Funds due
- $53,757
- Interest + MI left
- $253,189
- First ends
- Jul 2050
New loan
New conventional
$3,037/mo
+$585/mo- Down payment
- $40,896
- Funds due
- $50,493
- Interest + MI left
- $523,536
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $323,104 | $323,104 | $358,104 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,646.22 | $1,646.22 | $2,425.92 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $265.92 | $265.92 | $71.62 |
| Taxes, insurance & HOA | $539.58 | $539.58 | $539.58 |
| Total housing payment | $2,451.72 | $2,733.34 | $3,037.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,896
Closing costs & prepaids$12,861
Usable credit−$0
Total buyer cash needed$53,757
Earnest money paid−$0
Remaining funds due$53,757
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$478.75
Initial HOA (3 months)$690.00
Prepaid interest, first (6 days)$175.80
Prepaid interest, second (6 days)$51.78
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 7 moOf the original 30-year loan at 3.31%
Interest already paid$74,448Through Dec 2026
Assumption only · ends Jul 2050$186,806
Assumption + second · ends Jul 2050, second Jan 2057$253,189
New conventional · ends Jan 2057$523,536