Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,761/mo
Lowest payment- Down payment
- $86,437
- Funds due
- $96,722
- Interest + MI left
- $126,017
- First ends
- Sep 2050
Assumption
Assumption + second
$2,196/mo
+$434/mo- Down payment
- $32,437
- Funds due
- $43,999
- Interest + MI left
- $228,435
- First ends
- Sep 2050
New loan
New conventional
$2,468/mo
+$707/mo- Down payment
- $32,437
- Funds due
- $40,675
- Interest + MI left
- $434,535
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $232,563 | $232,563 | $286,563 |
| Second mortgage | — | $54,000 | — |
| First P&I | $1,142.78 | $1,142.78 | $1,984.10 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | $191.26 | $191.26 | $57.31 |
| Taxes, insurance & HOA | $427.00 | $427.00 | $427.00 |
| Total housing payment | $1,761.05 | $2,195.54 | $2,468.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,437
Closing costs & prepaids$11,561
Usable credit−$0
Total buyer cash needed$43,999
Earnest money paid−$0
Remaining funds due$43,999
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,190.00
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)$231.00
Initial HOA (3 months)$600.00
Prepaid interest, first (2 days)$38.61
Prepaid interest, second (2 days)$26.63
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.030%
Interest already paid$47,110Through Nov 2026
Assumption only · ends Sep 2050$126,017
Assumption + second · ends Sep 2050, second Dec 2056$228,435
New conventional · ends Dec 2056$434,535