Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,500/mo
Lowest payment- Down payment
- $167,353
- Funds due
- $178,115
- Interest + MI left
- $90,092
- First ends
- Sep 2050
Assumption
Assumption + second
$2,476/mo
+$976/mo- Down payment
- $34,353
- Funds due
- $46,394
- Interest + MI left
- $308,418
- First ends
- Sep 2050
New loan
New conventional
$2,683/mo
+$1,183/mo- Down payment
- $34,353
- Funds due
- $43,018
- Interest + MI left
- $455,891
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,647 | $167,647 | $300,647 |
| Second mortgage | — | $133,000 | — |
| First P&I | $821.20 | $821.20 | $2,081.62 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | $137.97 | $137.97 | $60.13 |
| Taxes, insurance & HOA | $540.91 | $540.91 | $540.91 |
| Total housing payment | $1,500.08 | $2,475.99 | $2,682.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,353
Closing costs & prepaids$12,041
Usable credit−$0
Total buyer cash needed$46,394
Earnest money paid−$0
Remaining funds due$46,394
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$709.75
Initial HOA (3 months)$462.99
Prepaid interest, first (1 days)$13.78
Prepaid interest, second (1 days)$29.15
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.000%
Interest already paid$33,636Through Nov 2026
Assumption only · ends Sep 2050$90,092
Assumption + second · ends Sep 2050, second Dec 2056$308,418
New conventional · ends Dec 2056$455,891