Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,503/mo
Lowest payment- Down payment
- $91,469
- Funds due
- $102,950
- Interest + MI left
- $210,187
- First ends
- Jan 2050
Assumption
Assumption + second
$2,881/mo
+$378/mo- Down payment
- $44,469
- Funds due
- $57,270
- Interest + MI left
- $299,329
- First ends
- Jan 2050
New loan
New conventional
$3,123/mo
+$620/mo- Down payment
- $44,469
- Funds due
- $53,968
- Interest + MI left
- $576,870
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $347,531 | $347,531 | $394,531 |
| Second mortgage | — | $47,000 | — |
| First P&I | $1,843.55 | $1,843.55 | $2,672.69 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | $288.29 | $288.29 | $78.91 |
| Taxes, insurance & HOA | $370.91 | $370.91 | $370.91 |
| Total housing payment | $2,502.76 | $2,880.93 | $3,122.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,469
Closing costs & prepaids$12,801
Usable credit−$0
Total buyer cash needed$57,270
Earnest money paid−$0
Remaining funds due$57,270
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
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)$526.75
Initial HOA (3 months)$135.99
Prepaid interest, first (6 days)$203.95
Prepaid interest, second (6 days)$69.53
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 3.57%
Interest already paid$93,546Through Dec 2026
Assumption only · ends Jan 2050$210,187
Assumption + second · ends Jan 2050, second Jan 2057$299,329
New conventional · ends Jan 2057$576,870