Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,323/mo
Lowest payment- Down payment
- $48,343
- Funds due
- $59,629
- Interest + MI left
- $150,703
- First ends
- Jul 2050
Assumption
Assumption + second
$2,659/mo
+$336/mo- Down payment
- $15,343
- Funds due
- $27,901
- Interest + MI left
- $238,760
- First ends
- Jul 2050
New loan
New conventional
$2,845/mo
+$523/mo- Down payment
- $15,343
- Funds due
- $24,744
- Interest + MI left
- $431,660
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,657 | $250,657 | $283,657 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,292.61 | $1,292.61 | $1,963.98 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | $205.17 | $205.17 | $56.73 |
| Taxes, insurance & HOA | $824.75 | $824.75 | $824.75 |
| Total housing payment | $2,322.54 | $2,658.81 | $2,845.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,343
Closing costs & prepaids$12,558
Usable credit−$0
Total buyer cash needed$27,901
Earnest money paid−$0
Remaining funds due$27,901
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$779.25
Initial HOA (3 months)$1,245.00
Prepaid interest, first (2 days)$47.38
Prepaid interest, second (2 days)$21.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 8 moOf the original 30-year loan at 3.450%
Interest already paid$59,240Through Nov 2026
Assumption only · ends Jul 2050$150,703
Assumption + second · ends Jul 2050, second Dec 2056$238,760
New conventional · ends Dec 2056$431,660