Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,261/mo
Lowest payment- Down payment
- $150,444
- Funds due
- $162,458
- Interest + MI left
- $181,584
- First ends
- Sep 2050
Assumption
Assumption + second
$3,009/mo
+$748/mo- Down payment
- $48,444
- Funds due
- $61,842
- Interest + MI left
- $349,022
- First ends
- Sep 2050
New loan
New conventional
$3,348/mo
+$1,088/mo- Down payment
- $48,444
- Funds due
- $58,508
- Interest + MI left
- $623,610
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $324,556 | $324,556 | $426,556 |
| Second mortgage | — | $102,000 | — |
| First P&I | $1,620.51 | $1,620.51 | $2,889.64 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | $266.77 | $266.77 | $85.31 |
| Taxes, insurance & HOA | $373.34 | $373.34 | $373.34 |
| Total housing payment | $2,260.62 | $3,009.06 | $3,348.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,444
Closing costs & prepaids$13,398
Usable credit−$0
Total buyer cash needed$61,842
Earnest money paid−$0
Remaining funds due$61,842
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$570.00
Initial HOA (3 months)$50.01
Prepaid interest, first (6 days)$168.59
Prepaid interest, second (6 days)$134.14
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 9 moOf the original 30-year loan at 3.16%
Interest already paid$69,478Through Dec 2026
Assumption only · ends Sep 2050$181,584
Assumption + second · ends Sep 2050, second Jan 2057$349,022
New conventional · ends Jan 2057$623,610