Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,488/mo
Lowest payment- Down payment
- $131,594
- Funds due
- $141,832
- Interest + MI left
- $97,403
- First ends
- Jan 2050
Assumption
Assumption + second
$2,236/mo
+$748/mo- Down payment
- $29,594
- Funds due
- $41,105
- Interest + MI left
- $264,842
- First ends
- Jan 2050
New loan
New conventional
$2,361/mo
+$874/mo- Down payment
- $29,594
- Funds due
- $37,773
- Interest + MI left
- $391,029
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $155,906 | $155,906 | $257,906 |
| Second mortgage | — | $102,000 | — |
| First P&I | $835.07 | $835.07 | $1,785.69 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | $128.67 | $128.67 | $51.58 |
| Taxes, insurance & HOA | $524.17 | $524.17 | $524.17 |
| Total housing payment | $1,487.91 | $2,236.35 | $2,361.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,594
Closing costs & prepaids$11,511
Usable credit−$0
Total buyer cash needed$41,105
Earnest money paid−$0
Remaining funds due$41,105
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,875.00
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)$264.50
Initial HOA (3 months)$858.00
Prepaid interest, first (1 days)$15.76
Prepaid interest, second (1 days)$22.36
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 2 moOf the original 30-year loan at 3.690%
Interest already paid$42,733Through Nov 2026
Assumption only · ends Jan 2050$97,403
Assumption + second · ends Jan 2050, second Dec 2056$264,842
New conventional · ends Dec 2056$391,029