Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,838/mo
Lowest payment- Down payment
- $158,867
- Funds due
- $170,244
- Interest + MI left
- $121,465
- First ends
- May 2050
Assumption
Assumption + second
$2,740/mo
+$903/mo- Down payment
- $35,867
- Funds due
- $48,656
- Interest + MI left
- $323,376
- First ends
- May 2050
New loan
New conventional
$2,852/mo
+$1,014/mo- Down payment
- $35,867
- Funds due
- $45,339
- Interest + MI left
- $459,105
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $191,033 | $191,033 | $314,033 |
| Second mortgage | — | $123,000 | — |
| First P&I | $1,019.38 | $1,019.38 | $2,127.37 |
| Second P&I | — | $902.53 | — |
| Mortgage insurance | $156.49 | $156.49 | $62.81 |
| Taxes, insurance & HOA | $662.00 | $662.00 | $662.00 |
| Total housing payment | $1,837.86 | $2,740.39 | $2,852.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,867
Closing costs & prepaids$12,789
Usable credit−$0
Total buyer cash needed$48,656
Earnest money paid−$0
Remaining funds due$48,656
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$420.00
Initial HOA (3 months)$1,116.00
Prepaid interest, first (6 days)$116.82
Prepaid interest, second (6 days)$161.75
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 5 moOf the original 30-year loan at 3.72%
Interest already paid$50,639Through Dec 2026
Assumption only · ends May 2050$121,465
Assumption + second · ends May 2050, second Jan 2057$323,376
New conventional · ends Jan 2057$459,105