Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,115/mo
Lowest payment- Down payment
- $82,252
- Funds due
- $91,309
- Interest + MI left
- $67,379
- First ends
- Jun 2050
Assumption
Assumption + second
$1,614/mo
+$499/mo- Down payment
- $20,252
- Funds due
- $30,574
- Interest + MI left
- $184,971
- First ends
- Jun 2050
New loan
New conventional
$1,684/mo
+$569/mo- Down payment
- $20,252
- Funds due
- $27,332
- Interest + MI left
- $264,492
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $112,448 | $112,448 | $174,448 |
| Second mortgage | — | $62,000 | — |
| First P&I | $581.21 | $581.21 | $1,207.84 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | $92.25 | $92.25 | $34.89 |
| Taxes, insurance & HOA | $441.58 | $441.58 | $441.58 |
| Total housing payment | $1,115.05 | $1,613.91 | $1,684.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,252
Closing costs & prepaids$10,323
Usable credit−$0
Total buyer cash needed$30,574
Earnest money paid−$0
Remaining funds due$30,574
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,947.00
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)$79.75
Initial HOA (3 months)$795.00
Prepaid interest, first (1 days)$10.63
Prepaid interest, second (1 days)$15.29
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$26,961Through Nov 2026
Assumption only · ends Jun 2050$67,379
Assumption + second · ends Jun 2050, second Dec 2056$184,971
New conventional · ends Dec 2056$264,492