Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,673/mo
Lowest payment- Down payment
- $118,642
- Funds due
- $128,930
- Interest + MI left
- $127,649
- First ends
- Jun 2050
Assumption
Assumption + second
$2,349/mo
+$676/mo- Down payment
- $34,642
- Funds due
- $46,201
- Interest + MI left
- $286,967
- First ends
- Jun 2050
New loan
New conventional
$2,539/mo
+$866/mo- Down payment
- $34,642
- Funds due
- $42,825
- Interest + MI left
- $463,035
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $221,358 | $221,358 | $305,358 |
| Second mortgage | — | $84,000 | — |
| First P&I | $1,126.66 | $1,126.66 | $2,114.24 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | $182.22 | $182.22 | $61.07 |
| Taxes, insurance & HOA | $364.17 | $364.17 | $364.17 |
| Total housing payment | $1,673.05 | $2,348.93 | $2,539.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,642
Closing costs & prepaids$11,558
Usable credit−$0
Total buyer cash needed$46,201
Earnest money paid−$0
Remaining funds due$46,201
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$441.50
Initial HOA (3 months)$201.00
Prepaid interest, first (1 days)$20.01
Prepaid interest, second (1 days)$20.71
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 3.300%
Interest already paid$50,856Through Nov 2026
Assumption only · ends Jun 2050$127,649
Assumption + second · ends Jun 2050, second Dec 2056$286,967
New conventional · ends Dec 2056$463,035