Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,690/mo
Lowest payment- Down payment
- $129,257
- Funds due
- $139,892
- Interest + MI left
- $114,293
- First ends
- Jun 2050
Assumption
Assumption + second
$2,470/mo
+$780/mo- Down payment
- $32,257
- Funds due
- $44,166
- Interest + MI left
- $298,267
- First ends
- Jun 2050
New loan
New conventional
$2,597/mo
+$907/mo- Down payment
- $32,257
- Funds due
- $40,810
- Interest + MI left
- $436,382
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $190,743 | $190,743 | $287,743 |
| Second mortgage | — | $97,000 | — |
| First P&I | $985.89 | $985.89 | $1,992.27 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | $156.49 | $156.49 | $57.55 |
| Taxes, insurance & HOA | $547.42 | $547.42 | $547.42 |
| Total housing payment | $1,689.80 | $2,470.28 | $2,597.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,257
Closing costs & prepaids$11,909
Usable credit−$0
Total buyer cash needed$44,166
Earnest money paid−$0
Remaining funds due$44,166
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$322.25
Initial HOA (3 months)$870.00
Prepaid interest, first (1 days)$18.03
Prepaid interest, second (1 days)$23.92
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$45,733Through Nov 2026
Assumption only · ends Jun 2050$114,293
Assumption + second · ends Jun 2050, second Dec 2056$298,267
New conventional · ends Dec 2056$436,382