Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,528/mo
Lowest payment- Down payment
- $176,656
- Funds due
- $189,898
- Interest + MI left
- $169,205
- First ends
- Jun 2050
Assumption
Assumption + second
$3,481/mo
+$954/mo- Down payment
- $46,656
- Funds due
- $61,347
- Interest + MI left
- $382,607
- First ends
- Jun 2050
New loan
New conventional
$3,709/mo
+$1,182/mo- Down payment
- $46,656
- Funds due
- $58,014
- Interest + MI left
- $604,377
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $283,344 | $283,344 | $413,344 |
| Second mortgage | — | $130,000 | — |
| First P&I | $1,467.89 | $1,467.89 | $2,800.14 |
| Second P&I | — | $953.89 | — |
| Mortgage insurance | $232.99 | $232.99 | $82.67 |
| Taxes, insurance & HOA | $826.67 | $826.67 | $826.67 |
| Total housing payment | $2,527.55 | $3,481.44 | $3,709.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,656
Closing costs & prepaids$14,692
Usable credit−$0
Total buyer cash needed$61,347
Earnest money paid−$0
Remaining funds due$61,347
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,600.00
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)$552.00
Initial HOA (3 months)$1,428.00
Prepaid interest, first (7 days)$187.47
Prepaid interest, second (7 days)$199.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 3.45%
Interest already paid$68,908Through Dec 2026
Assumption only · ends Jun 2050$169,205
Assumption + second · ends Jun 2050, second Jan 2057$382,607
New conventional · ends Jan 2057$604,377