Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,026/mo
Lowest payment- Down payment
- $138,337
- Funds due
- $149,392
- Interest + MI left
- $168,013
- First ends
- Nov 2049
Assumption
Assumption + second
$2,806/mo
+$780/mo- Down payment
- $41,337
- Funds due
- $53,786
- Interest + MI left
- $351,987
- First ends
- Nov 2049
New loan
New conventional
$2,891/mo
+$866/mo- Down payment
- $41,337
- Funds due
- $50,443
- Interest + MI left
- $531,663
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $266,663 | $266,663 | $363,663 |
| Second mortgage | — | $97,000 | — |
| First P&I | $1,449.58 | $1,449.58 | $2,463.58 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | $221.17 | $221.17 | $72.73 |
| Taxes, insurance & HOA | $355.00 | $355.00 | $355.00 |
| Total housing payment | $2,025.75 | $2,806.23 | $2,891.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,337
Closing costs & prepaids$12,449
Usable credit−$0
Total buyer cash needed$53,786
Earnest money paid−$0
Remaining funds due$53,786
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,050.00
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)$486.00
Initial HOA (3 months)$129.00
Prepaid interest, first (6 days)$165.26
Prepaid interest, second (6 days)$143.51
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 closing22 yr 11 moOf the original 30-year loan at 3.77%
Interest already paid$77,637Through Dec 2026
Assumption only · ends Nov 2049$168,013
Assumption + second · ends Nov 2049, second Jan 2057$351,987
New conventional · ends Jan 2057$531,663