Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,434/mo
Lowest payment- Down payment
- $136,545
- Funds due
- $148,488
- Interest + MI left
- $188,939
- First ends
- Sep 2049
Assumption
Assumption + second
$3,174/mo
+$740/mo- Down payment
- $44,545
- Funds due
- $57,874
- Interest + MI left
- $363,430
- First ends
- Sep 2049
New loan
New conventional
$3,285/mo
+$851/mo- Down payment
- $44,545
- Funds due
- $54,522
- Interest + MI left
- $578,221
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $303,455 | $303,455 | $395,455 |
| Second mortgage | — | $92,000 | — |
| First P&I | $1,653.95 | $1,653.95 | $2,678.95 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | $252.97 | $252.97 | $79.09 |
| Taxes, insurance & HOA | $527.00 | $527.00 | $527.00 |
| Total housing payment | $2,433.92 | $3,174.18 | $3,285.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,545
Closing costs & prepaids$13,329
Usable credit−$0
Total buyer cash needed$57,874
Earnest money paid−$0
Remaining funds due$57,874
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
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)$528.00
Initial HOA (3 months)$603.00
Prepaid interest, first (6 days)$187.06
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 3.75%
Interest already paid$90,213Through Dec 2026
Assumption only · ends Sep 2049$188,939
Assumption + second · ends Sep 2049, second Jan 2057$363,430
New conventional · ends Jan 2057$578,221