Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,781/mo
Lowest payment- Down payment
- $104,641
- Funds due
- $114,939
- Interest + MI left
- $147,726
- First ends
- Apr 2050
Assumption
Assumption + second
$2,336/mo
+$555/mo- Down payment
- $35,641
- Funds due
- $47,291
- Interest + MI left
- $278,594
- First ends
- Apr 2050
New loan
New conventional
$2,486/mo
+$705/mo- Down payment
- $35,641
- Funds due
- $44,012
- Interest + MI left
- $459,582
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $245,359 | $245,359 | $314,359 |
| Second mortgage | — | $69,000 | — |
| First P&I | $1,284.77 | $1,284.77 | $2,129.58 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | $202.41 | $202.41 | $62.87 |
| Taxes, insurance & HOA | $293.75 | $293.75 | $293.75 |
| Total housing payment | $1,780.93 | $2,336.12 | $2,486.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,641
Closing costs & prepaids$11,650
Usable credit−$0
Total buyer cash needed$47,291
Earnest money paid−$0
Remaining funds due$47,291
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Initial HOA (3 months)$11.25
Prepaid interest, first (6 days)$141.57
Prepaid interest, second (6 days)$102.08
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 4 moOf the original 30-year loan at 3.51%
Interest already paid$62,383Through Dec 2026
Assumption only · ends Apr 2050$147,726
Assumption + second · ends Apr 2050, second Jan 2057$278,594
New conventional · ends Jan 2057$459,582