Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,380/mo
Lowest payment- Down payment
- $164,853
- Funds due
- $177,407
- Interest + MI left
- $181,517
- First ends
- Sep 2050
Assumption
Assumption + second
$3,232/mo
+$851/mo- Down payment
- $48,853
- Funds due
- $62,835
- Interest + MI left
- $371,937
- First ends
- Sep 2050
New loan
New conventional
$3,553/mo
+$1,172/mo- Down payment
- $48,853
- Funds due
- $59,522
- Interest + MI left
- $637,719
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $320,147 | $320,147 | $436,147 |
| Second mortgage | — | $116,000 | — |
| First P&I | $1,606.84 | $1,606.84 | $2,954.61 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | $262.85 | $262.85 | $87.23 |
| Taxes, insurance & HOA | $510.67 | $510.67 | $510.67 |
| Total housing payment | $2,380.35 | $3,231.52 | $3,552.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,853
Closing costs & prepaids$13,982
Usable credit−$0
Total buyer cash needed$62,835
Earnest money paid−$0
Remaining funds due$62,835
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$582.00
Initial HOA (3 months)$450.00
Prepaid interest, first (7 days)$197.09
Prepaid interest, second (7 days)$177.97
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 9 moOf the original 30-year loan at 3.21%
Interest already paid$69,577Through Dec 2026
Assumption only · ends Sep 2050$181,517
Assumption + second · ends Sep 2050, second Jan 2057$371,937
New conventional · ends Jan 2057$637,719