Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,855/mo
Lowest payment- Down payment
- $47,828
- Funds due
- $58,032
- Interest + MI left
- $128,771
- First ends
- Apr 2050
Assumption
Assumption + second
$2,211/mo
+$357/mo- Down payment
- $12,828
- Funds due
- $24,351
- Interest + MI left
- $222,165
- First ends
- Apr 2050
New loan
New conventional
$2,274/mo
+$419/mo- Down payment
- $12,828
- Funds due
- $21,266
- Interest + MI left
- $355,403
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,172 | $207,172 | $242,172 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,099.12 | $1,099.12 | $1,640.56 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $170.40 | $170.40 | $48.43 |
| Taxes, insurance & HOA | $585.00 | $585.00 | $585.00 |
| Total housing payment | $1,854.52 | $2,211.17 | $2,273.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,828
Closing costs & prepaids$11,522
Usable credit−$0
Total buyer cash needed$24,351
Earnest money paid−$0
Remaining funds due$24,351
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,550.00
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)$306.00
Initial HOA (3 months)$999.00
Prepaid interest, first (6 days)$123.96
Prepaid interest, second (6 days)$68.32
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 4 moOf the original 30-year loan at 3.64%
Interest already paid$54,539Through Dec 2026
Assumption only · ends Apr 2050$128,771
Assumption + second · ends Apr 2050, second Jan 2057$222,165
New conventional · ends Jan 2057$355,403