Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,423/mo
Lowest payment- Down payment
- $110,557
- Funds due
- $122,607
- Interest + MI left
- $167,129
- First ends
- Feb 2050
Assumption
Assumption + second
$3,003/mo
+$579/mo- Down payment
- $38,557
- Funds due
- $51,981
- Interest + MI left
- $303,687
- First ends
- Feb 2050
New loan
New conventional
$3,143/mo
+$720/mo- Down payment
- $38,557
- Funds due
- $48,703
- Interest + MI left
- $499,246
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $269,443 | $269,443 | $341,443 |
| Second mortgage | — | $72,000 | — |
| First P&I | $1,438.89 | $1,438.89 | $2,313.05 |
| Second P&I | — | $579.33 | — |
| Mortgage insurance | $222.53 | $222.53 | $68.29 |
| Taxes, insurance & HOA | $762.00 | $762.00 | $762.00 |
| Total housing payment | $2,423.42 | $3,002.75 | $3,143.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,557
Closing costs & prepaids$13,424
Usable credit−$0
Total buyer cash needed$51,981
Earnest money paid−$0
Remaining funds due$51,981
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$456.00
Initial HOA (3 months)$1,380.00
Prepaid interest, first (7 days)$189.13
Prepaid interest, second (7 days)$124.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 2 moOf the original 30-year loan at 3.66%
Interest already paid$73,279Through Dec 2026
Assumption only · ends Feb 2050$167,129
Assumption + second · ends Feb 2050, second Jan 2057$303,687
New conventional · ends Jan 2057$499,246