Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,340/mo
Lowest payment- Down payment
- $97,170
- Funds due
- $106,538
- Interest + MI left
- $109,860
- First ends
- Jan 2050
Assumption
Assumption + second
$1,904/mo
+$563/mo- Down payment
- $27,170
- Funds due
- $37,891
- Interest + MI left
- $242,625
- First ends
- Jan 2050
New loan
New conventional
$1,955/mo
+$615/mo- Down payment
- $27,170
- Funds due
- $34,645
- Interest + MI left
- $354,911
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $172,730 | $172,730 | $242,730 |
| Second mortgage | — | $70,000 | — |
| First P&I | $935.62 | $935.62 | $1,644.34 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | $142.58 | $142.58 | $48.55 |
| Taxes, insurance & HOA | $262.17 | $262.17 | $262.17 |
| Total housing payment | $1,340.36 | $1,903.60 | $1,955.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,170
Closing costs & prepaids$10,721
Usable credit−$0
Total buyer cash needed$37,891
Earnest money paid−$0
Remaining funds due$37,891
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,699.00
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)$324.00
Initial HOA (3 months)$12.51
Prepaid interest, first (6 days)$107.33
Prepaid interest, second (6 days)$103.56
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 3.78%
Interest already paid$49,100Through Dec 2026
Assumption only · ends Jan 2050$109,860
Assumption + second · ends Jan 2050, second Jan 2057$242,625
New conventional · ends Jan 2057$354,911