Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,272/mo
Lowest payment- Down payment
- $110,184
- Funds due
- $121,663
- Interest + MI left
- $178,714
- First ends
- Oct 2050
Assumption
Assumption + second
$2,803/mo
+$531/mo- Down payment
- $44,184
- Funds due
- $57,011
- Interest + MI left
- $303,893
- First ends
- Oct 2050
New loan
New conventional
$3,141/mo
+$869/mo- Down payment
- $44,184
- Funds due
- $53,724
- Interest + MI left
- $578,748
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $329,816 | $329,816 | $395,816 |
| Second mortgage | — | $66,000 | — |
| First P&I | $1,620.68 | $1,620.68 | $2,681.40 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | $271.25 | $271.25 | $79.16 |
| Taxes, insurance & HOA | $380.00 | $380.00 | $380.00 |
| Total housing payment | $2,271.92 | $2,802.97 | $3,140.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,184
Closing costs & prepaids$12,827
Usable credit−$0
Total buyer cash needed$57,011
Earnest money paid−$0
Remaining funds due$57,011
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
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)$528.00
Initial HOA (3 months)$162.00
Prepaid interest, first (6 days)$164.28
Prepaid interest, second (6 days)$97.64
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 10 moOf the original 30-year loan at 3.03%
Interest already paid$66,810Through Dec 2026
Assumption only · ends Oct 2050$178,714
Assumption + second · ends Oct 2050, second Jan 2057$303,893
New conventional · ends Jan 2057$578,748