Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,694/mo
Lowest payment- Down payment
- $154,206
- Funds due
- $165,283
- Interest + MI left
- $102,945
- First ends
- Apr 2050
Assumption
Assumption + second
$2,574/mo
+$881/mo- Down payment
- $34,206
- Funds due
- $46,691
- Interest + MI left
- $299,931
- First ends
- Apr 2050
New loan
New conventional
$2,716/mo
+$1,022/mo- Down payment
- $34,206
- Funds due
- $43,398
- Interest + MI left
- $439,736
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,784 | $180,784 | $300,784 |
| Second mortgage | — | $120,000 | — |
| First P&I | $925.72 | $925.72 | $2,037.62 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | $149.91 | $149.91 | $60.16 |
| Taxes, insurance & HOA | $618.00 | $618.00 | $618.00 |
| Total housing payment | $1,693.63 | $2,574.15 | $2,715.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,206
Closing costs & prepaids$12,484
Usable credit−$0
Total buyer cash needed$46,691
Earnest money paid−$0
Remaining funds due$46,691
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,349.90
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)$402.00
Initial HOA (3 months)$1,002.00
Prepaid interest, first (6 days)$97.77
Prepaid interest, second (6 days)$157.81
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 4 moOf the original 30-year loan at 3.29%
Interest already paid$43,202Through Dec 2026
Assumption only · ends Apr 2050$102,945
Assumption + second · ends Apr 2050, second Jan 2057$299,931
New conventional · ends Jan 2057$439,736