Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,487/mo
Lowest payment- Down payment
- $79,857
- Funds due
- $89,738
- Interest + MI left
- $86,382
- First ends
- Apr 2050
Assumption
Assumption + second
$1,946/mo
+$459/mo- Down payment
- $22,857
- Funds due
- $34,002
- Interest + MI left
- $194,490
- First ends
- Apr 2050
New loan
New conventional
$2,054/mo
+$567/mo- Down payment
- $22,857
- Funds due
- $30,736
- Interest + MI left
- $306,523
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $145,143 | $145,143 | $202,143 |
| Second mortgage | — | $57,000 | — |
| First P&I | $753.66 | $753.66 | $1,399.60 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | $119.63 | $119.63 | $40.43 |
| Taxes, insurance & HOA | $613.92 | $613.92 | $613.92 |
| Total housing payment | $1,487.20 | $1,945.84 | $2,053.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,857
Closing costs & prepaids$11,145
Usable credit−$0
Total buyer cash needed$34,002
Earnest money paid−$0
Remaining funds due$34,002
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$134.75
Initial HOA (3 months)$1,257.00
Prepaid interest, first (1 days)$13.72
Prepaid interest, second (1 days)$14.05
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 5 moOf the original 30-year loan at 3.450%
Interest already paid$35,798Through Nov 2026
Assumption only · ends Apr 2050$86,382
Assumption + second · ends Apr 2050, second Dec 2056$194,490
New conventional · ends Dec 2056$306,523