Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,540/mo
Lowest payment- Down payment
- $135,909
- Funds due
- $146,320
- Interest + MI left
- $102,649
- First ends
- Aug 2050
Assumption
Assumption + second
$2,303/mo
+$763/mo- Down payment
- $31,909
- Funds due
- $43,592
- Interest + MI left
- $273,371
- First ends
- Aug 2050
New loan
New conventional
$2,510/mo
+$970/mo- Down payment
- $31,909
- Funds due
- $40,242
- Interest + MI left
- $430,786
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,091 | $180,091 | $284,091 |
| Second mortgage | — | $104,000 | — |
| First P&I | $905.77 | $905.77 | $1,966.99 |
| Second P&I | — | $763.12 | — |
| Mortgage insurance | $147.79 | $147.79 | $56.82 |
| Taxes, insurance & HOA | $486.58 | $486.58 | $486.58 |
| Total housing payment | $1,540.15 | $2,303.26 | $2,510.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,909
Closing costs & prepaids$11,683
Usable credit−$0
Total buyer cash needed$43,592
Earnest money paid−$0
Remaining funds due$43,592
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,160.00
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)$499.75
Initial HOA (3 months)$510.00
Prepaid interest, first (1 days)$15.94
Prepaid interest, second (1 days)$22.79
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 9 moOf the original 30-year loan at 3.230%
Interest already paid$39,374Through Nov 2026
Assumption only · ends Aug 2050$102,649
Assumption + second · ends Aug 2050, second Dec 2056$273,371
New conventional · ends Dec 2056$430,786