Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,537/mo
Lowest payment- Down payment
- $150,694
- Funds due
- $161,394
- Interest + MI left
- $93,480
- First ends
- Jan 2050
Assumption
Assumption + second
$2,417/mo
+$881/mo- Down payment
- $30,694
- Funds due
- $42,802
- Interest + MI left
- $290,467
- First ends
- Jan 2050
New loan
New conventional
$2,481/mo
+$945/mo- Down payment
- $30,694
- Funds due
- $39,511
- Interest + MI left
- $390,258
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $146,977 | $146,977 | $266,977 |
| Second mortgage | — | $120,000 | — |
| First P&I | $796.12 | $796.12 | $1,808.60 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | $121.32 | $121.32 | $53.40 |
| Taxes, insurance & HOA | $619.08 | $619.08 | $619.08 |
| Total housing payment | $1,536.52 | $2,417.04 | $2,481.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,694
Closing costs & prepaids$12,108
Usable credit−$0
Total buyer cash needed$42,802
Earnest money paid−$0
Remaining funds due$42,802
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,976.71
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)$357.25
Initial HOA (3 months)$1,050.00
Prepaid interest, first (6 days)$91.33
Prepaid interest, second (6 days)$157.81
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 1 moOf the original 30-year loan at 3.78%
Interest already paid$41,780Through Dec 2026
Assumption only · ends Jan 2050$93,480
Assumption + second · ends Jan 2050, second Jan 2057$290,467
New conventional · ends Jan 2057$390,258