Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,460/mo
Lowest payment- Down payment
- $128,007
- Funds due
- $140,157
- Interest + MI left
- $197,676
- First ends
- Jul 2050
Assumption
Assumption + second
$3,103/mo
+$644/mo- Down payment
- $48,007
- Funds due
- $61,525
- Interest + MI left
- $349,408
- First ends
- Jul 2050
New loan
New conventional
$3,409/mo
+$949/mo- Down payment
- $48,007
- Funds due
- $58,201
- Interest + MI left
- $631,499
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $351,893 | $351,893 | $431,893 |
| Second mortgage | — | $80,000 | — |
| First P&I | $1,772.67 | $1,772.67 | $2,925.79 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | $290.34 | $290.34 | $86.38 |
| Taxes, insurance & HOA | $396.67 | $396.67 | $396.67 |
| Total housing payment | $2,459.68 | $3,103.38 | $3,408.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,007
Closing costs & prepaids$13,517
Usable credit−$0
Total buyer cash needed$61,525
Earnest money paid−$0
Remaining funds due$61,525
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,799.00
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)$576.00
Initial HOA (3 months)$114.00
Prepaid interest, first (6 days)$185.11
Prepaid interest, second (6 days)$118.36
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 7 moOf the original 30-year loan at 3.2%
Interest already paid$78,491Through Dec 2026
Assumption only · ends Jul 2050$197,676
Assumption + second · ends Jul 2050, second Jan 2057$349,408
New conventional · ends Jan 2057$631,499