Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,474/mo
Lowest payment- Down payment
- $139,770
- Funds due
- $152,010
- Interest + MI left
- $203,506
- First ends
- May 2050
Assumption
Assumption + second
$3,206/mo
+$732/mo- Down payment
- $48,770
- Funds due
- $62,395
- Interest + MI left
- $376,100
- First ends
- May 2050
New loan
New conventional
$3,431/mo
+$957/mo- Down payment
- $48,770
- Funds due
- $59,037
- Interest + MI left
- $630,443
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $340,230 | $340,230 | $431,230 |
| Second mortgage | — | $91,000 | — |
| First P&I | $1,770.25 | $1,770.25 | $2,921.30 |
| Second P&I | — | $732.21 | — |
| Mortgage insurance | $280.29 | $280.29 | $86.25 |
| Taxes, insurance & HOA | $423.67 | $423.67 | $423.67 |
| Total housing payment | $2,474.20 | $3,206.41 | $3,431.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,770
Closing costs & prepaids$13,625
Usable credit−$0
Total buyer cash needed$62,395
Earnest money paid−$0
Remaining funds due$62,395
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,800.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$576.00
Initial HOA (3 months)$195.00
Prepaid interest, first (6 days)$194.07
Prepaid interest, second (6 days)$134.63
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 5 moOf the original 30-year loan at 3.47%
Interest already paid$84,379Through Dec 2026
Assumption only · ends May 2050$203,506
Assumption + second · ends May 2050, second Jan 2057$376,100
New conventional · ends Jan 2057$630,443