Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,455/mo
Lowest payment- Down payment
- $102,429
- Funds due
- $112,171
- Interest + MI left
- $108,198
- First ends
- Jun 2050
Assumption
Assumption + second
$2,050/mo
+$595/mo- Down payment
- $28,429
- Funds due
- $39,440
- Interest + MI left
- $248,549
- First ends
- Jun 2050
New loan
New conventional
$2,187/mo
+$732/mo- Down payment
- $28,429
- Funds due
- $36,121
- Interest + MI left
- $386,074
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,571 | $180,571 | $254,571 |
| Second mortgage | — | $74,000 | — |
| First P&I | $933.31 | $933.31 | $1,762.60 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | $148.14 | $148.14 | $50.91 |
| Taxes, insurance & HOA | $373.33 | $373.33 | $373.33 |
| Total housing payment | $1,454.79 | $2,050.21 | $2,186.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,429
Closing costs & prepaids$11,010
Usable credit−$0
Total buyer cash needed$39,440
Earnest money paid−$0
Remaining funds due$39,440
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,830.00
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)$460.00
Initial HOA (3 months)$210.00
Prepaid interest, first (1 days)$17.07
Prepaid interest, second (1 days)$18.25
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 7 moOf the original 30-year loan at 3.450%
Interest already paid$43,294Through Nov 2026
Assumption only · ends Jun 2050$108,198
Assumption + second · ends Jun 2050, second Dec 2056$248,549
New conventional · ends Dec 2056$386,074