Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,566/mo
Lowest payment- Down payment
- $120,039
- Funds due
- $132,261
- Interest + MI left
- $213,040
- First ends
- Jun 2050
Assumption
Assumption + second
$3,145/mo
+$579/mo- Down payment
- $48,039
- Funds due
- $61,618
- Interest + MI left
- $349,598
- First ends
- Jun 2050
New loan
New conventional
$3,409/mo
+$843/mo- Down payment
- $48,039
- Funds due
- $58,283
- Interest + MI left
- $624,288
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $354,961 | $354,961 | $426,961 |
| Second mortgage | — | $72,000 | — |
| First P&I | $1,842.65 | $1,842.65 | $2,892.38 |
| Second P&I | — | $579.33 | — |
| Mortgage insurance | $291.75 | $291.75 | $85.39 |
| Taxes, insurance & HOA | $431.67 | $431.67 | $431.67 |
| Total housing payment | $2,566.07 | $3,145.40 | $3,409.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,039
Closing costs & prepaids$13,579
Usable credit−$0
Total buyer cash needed$61,618
Earnest money paid−$0
Remaining funds due$61,618
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$570.00
Initial HOA (3 months)$225.00
Prepaid interest, first (6 days)$202.47
Prepaid interest, second (6 days)$106.52
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 6 moOf the original 30-year loan at 3.47%
Interest already paid$86,804Through Dec 2026
Assumption only · ends Jun 2050$213,040
Assumption + second · ends Jun 2050, second Jan 2057$349,598
New conventional · ends Jan 2057$624,288