Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,734/mo
Lowest payment- Down payment
- $131,098
- Funds due
- $143,633
- Interest + MI left
- $234,832
- First ends
- Mar 2050
Assumption
Assumption + second
$3,378/mo
+$644/mo- Down payment
- $51,098
- Funds due
- $65,002
- Interest + MI left
- $386,564
- First ends
- Mar 2050
New loan
New conventional
$3,586/mo
+$852/mo- Down payment
- $51,098
- Funds due
- $61,629
- Interest + MI left
- $660,665
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $371,902 | $371,902 | $451,902 |
| Second mortgage | — | $80,000 | — |
| First P&I | $1,993.45 | $1,993.45 | $3,061.34 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | $306.02 | $306.02 | $90.38 |
| Taxes, insurance & HOA | $434.50 | $434.50 | $434.50 |
| Total housing payment | $2,733.98 | $3,377.67 | $3,586.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,098
Closing costs & prepaids$13,904
Usable credit−$0
Total buyer cash needed$65,002
Earnest money paid−$0
Remaining funds due$65,002
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,030.00
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)$603.50
Initial HOA (3 months)$200.01
Prepaid interest, first (6 days)$227.42
Prepaid interest, second (6 days)$118.36
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 3 moOf the original 30-year loan at 3.72%
Interest already paid$101,342Through Dec 2026
Assumption only · ends Mar 2050$234,832
Assumption + second · ends Mar 2050, second Jan 2057$386,564
New conventional · ends Jan 2057$660,665