Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,430/mo
Lowest payment- Down payment
- $128,285
- Funds due
- $140,724
- Interest + MI left
- $144,711
- First ends
- Sep 2049
Assumption
Assumption + second
$3,170/mo
+$740/mo- Down payment
- $36,285
- Funds due
- $50,110
- Interest + MI left
- $319,202
- First ends
- Sep 2049
New loan
New conventional
$3,224/mo
+$794/mo- Down payment
- $36,285
- Funds due
- $46,797
- Interest + MI left
- $470,399
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,714 | $229,714 | $321,714 |
| Second mortgage | — | $92,000 | — |
| First P&I | $1,258.17 | $1,258.17 | $2,179.40 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | $191.26 | $191.26 | $64.34 |
| Taxes, insurance & HOA | $980.17 | $980.17 | $980.17 |
| Total housing payment | $2,429.60 | $3,169.86 | $3,223.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,285
Closing costs & prepaids$13,825
Usable credit−$0
Total buyer cash needed$50,110
Earnest money paid−$0
Remaining funds due$50,110
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,579.99
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)$429.50
Initial HOA (3 months)$2,061.00
Prepaid interest, first (6 days)$143.49
Prepaid interest, second (6 days)$136.11
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 9 moOf the original 30-year loan at 3.8%
Interest already paid$69,156Through Dec 2026
Assumption only · ends Sep 2049$144,711
Assumption + second · ends Sep 2049, second Jan 2057$319,202
New conventional · ends Jan 2057$470,399