Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,043/mo
Lowest payment- Down payment
- $102,400
- Funds due
- $113,633
- Interest + MI left
- $136,008
- First ends
- Aug 2050
Assumption
Assumption + second
$2,583/mo
+$539/mo- Down payment
- $35,400
- Funds due
- $47,982
- Interest + MI left
- $263,083
- First ends
- Aug 2050
New loan
New conventional
$2,786/mo
+$743/mo- Down payment
- $35,400
- Funds due
- $44,717
- Interest + MI left
- $452,624
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $242,600 | $242,600 | $309,600 |
| Second mortgage | — | $67,000 | — |
| First P&I | $1,216.69 | $1,216.69 | $2,097.34 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | $199.79 | $199.79 | $61.92 |
| Taxes, insurance & HOA | $627.00 | $627.00 | $627.00 |
| Total housing payment | $2,043.48 | $2,582.58 | $2,786.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,400
Closing costs & prepaids$12,582
Usable credit−$0
Total buyer cash needed$47,982
Earnest money paid−$0
Remaining funds due$47,982
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$414.00
Initial HOA (3 months)$1,017.00
Prepaid interest, first (6 days)$126.82
Prepaid interest, second (6 days)$99.12
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 8 moOf the original 30-year loan at 3.18%
Interest already paid$53,018Through Dec 2026
Assumption only · ends Aug 2050$136,008
Assumption + second · ends Aug 2050, second Jan 2057$263,083
New conventional · ends Jan 2057$452,624