Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,455/mo
Lowest payment- Down payment
- $112,951
- Funds due
- $122,846
- Interest + MI left
- $104,316
- First ends
- Aug 2050
Assumption
Assumption + second
$2,114/mo
+$660/mo- Down payment
- $30,951
- Funds due
- $42,116
- Interest + MI left
- $259,840
- First ends
- Aug 2050
New loan
New conventional
$2,284/mo
+$830/mo- Down payment
- $30,951
- Funds due
- $38,776
- Interest + MI left
- $407,772
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $186,949 | $186,949 | $268,949 |
| Second mortgage | — | $82,000 | — |
| First P&I | $932.47 | $932.47 | $1,862.15 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | $153.70 | $153.70 | $53.79 |
| Taxes, insurance & HOA | $368.50 | $368.50 | $368.50 |
| Total housing payment | $1,454.67 | $2,114.46 | $2,284.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,951
Closing costs & prepaids$11,166
Usable credit−$0
Total buyer cash needed$42,116
Earnest money paid−$0
Remaining funds due$42,116
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$379.50
Initial HOA (3 months)$276.00
Prepaid interest, first (1 days)$16.13
Prepaid interest, second (1 days)$20.22
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 3.150%
Interest already paid$39,899Through Nov 2026
Assumption only · ends Aug 2050$104,316
Assumption + second · ends Aug 2050, second Dec 2056$259,840
New conventional · ends Dec 2056$407,772