Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,133/mo
Lowest payment- Down payment
- $84,282
- Funds due
- $95,062
- Interest + MI left
- $176,005
- First ends
- Feb 2050
Assumption
Assumption + second
$2,511/mo
+$378/mo- Down payment
- $37,282
- Funds due
- $49,382
- Interest + MI left
- $265,147
- First ends
- Feb 2050
New loan
New conventional
$2,684/mo
+$551/mo- Down payment
- $37,282
- Funds due
- $46,106
- Interest + MI left
- $480,573
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,717 | $281,717 | $328,717 |
| Second mortgage | — | $47,000 | — |
| First P&I | $1,508.95 | $1,508.95 | $2,226.84 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | $232.50 | $232.50 | $65.74 |
| Taxes, insurance & HOA | $391.42 | $391.42 | $391.42 |
| Total housing payment | $2,132.87 | $2,511.04 | $2,684.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,282
Closing costs & prepaids$12,100
Usable credit−$0
Total buyer cash needed$49,382
Earnest money paid−$0
Remaining funds due$49,382
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,659.99
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)$439.25
Initial HOA (3 months)$285.00
Prepaid interest, first (6 days)$170.88
Prepaid interest, second (6 days)$69.53
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 2 moOf the original 30-year loan at 3.69%
Interest already paid$77,217Through Dec 2026
Assumption only · ends Feb 2050$176,005
Assumption + second · ends Feb 2050, second Jan 2057$265,147
New conventional · ends Jan 2057$480,573