Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,635/mo
Lowest payment- Down payment
- $129,786
- Funds due
- $140,169
- Interest + MI left
- $121,364
- First ends
- Jul 2050
Assumption
Assumption + second
$2,400/mo
+$764/mo- Down payment
- $34,786
- Funds due
- $46,443
- Interest + MI left
- $301,545
- First ends
- Jul 2050
New loan
New conventional
$2,567/mo
+$932/mo- Down payment
- $34,786
- Funds due
- $43,065
- Interest + MI left
- $461,239
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $209,214 | $209,214 | $304,214 |
| Second mortgage | — | $95,000 | — |
| First P&I | $1,063.47 | $1,063.47 | $2,106.32 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | $171.79 | $171.79 | $60.84 |
| Taxes, insurance & HOA | $399.92 | $399.92 | $399.92 |
| Total housing payment | $1,635.17 | $2,399.56 | $2,567.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,786
Closing costs & prepaids$11,657
Usable credit−$0
Total buyer cash needed$46,443
Earnest money paid−$0
Remaining funds due$46,443
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,390.00
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)$524.75
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$18.97
Prepaid interest, second (1 days)$23.42
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 8 moOf the original 30-year loan at 3.310%
Interest already paid$47,517Through Nov 2026
Assumption only · ends Jul 2050$121,364
Assumption + second · ends Jul 2050, second Dec 2056$301,545
New conventional · ends Dec 2056$461,239