Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,301/mo
Lowest payment- Down payment
- $102,841
- Funds due
- $112,297
- Interest + MI left
- $95,807
- First ends
- Sep 2050
Assumption
Assumption + second
$1,905/mo
+$603/mo- Down payment
- $27,841
- Funds due
- $38,566
- Interest + MI left
- $238,055
- First ends
- Sep 2050
New loan
New conventional
$2,066/mo
+$764/mo- Down payment
- $27,841
- Funds due
- $35,254
- Interest + MI left
- $374,632
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $172,059 | $172,059 | $247,059 |
| Second mortgage | — | $75,000 | — |
| First P&I | $854.39 | $854.39 | $1,710.59 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | $141.19 | $141.19 | $49.41 |
| Taxes, insurance & HOA | $305.92 | $305.92 | $305.92 |
| Total housing payment | $1,301.50 | $1,904.96 | $2,065.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,841
Closing costs & prepaids$10,725
Usable credit−$0
Total buyer cash needed$38,566
Earnest money paid−$0
Remaining funds due$38,566
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,749.00
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)$278.75
Initial HOA (3 months)$189.00
Prepaid interest, first (1 days)$14.75
Prepaid interest, second (1 days)$18.49
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 10 moOf the original 30-year loan at 3.130%
Interest already paid$35,962Through Nov 2026
Assumption only · ends Sep 2050$95,807
Assumption + second · ends Sep 2050, second Dec 2056$238,055
New conventional · ends Dec 2056$374,632