Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,005/mo
Lowest payment- Down payment
- $77,192
- Funds due
- $88,287
- Interest + MI left
- $113,786
- First ends
- Sep 2050
Assumption
Assumption + second
$2,399/mo
+$394/mo- Down payment
- $28,192
- Funds due
- $40,561
- Interest + MI left
- $206,721
- First ends
- Sep 2050
New loan
New conventional
$2,622/mo
+$617/mo- Down payment
- $28,192
- Funds due
- $37,272
- Interest + MI left
- $381,732
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $202,708 | $202,708 | $251,708 |
| Second mortgage | — | $49,000 | — |
| First P&I | $1,009.75 | $1,009.75 | $1,742.78 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | $166.23 | $166.23 | $50.34 |
| Taxes, insurance & HOA | $828.67 | $828.67 | $828.67 |
| Total housing payment | $2,004.64 | $2,398.90 | $2,621.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,192
Closing costs & prepaids$12,369
Usable credit−$0
Total buyer cash needed$40,561
Earnest money paid−$0
Remaining funds due$40,561
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,799.00
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)$536.00
Initial HOA (3 months)$1,500.00
Prepaid interest, first (2 days)$35.10
Prepaid interest, second (2 days)$24.16
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 10 moOf the original 30-year loan at 3.160%
Interest already paid$42,758Through Nov 2026
Assumption only · ends Sep 2050$113,786
Assumption + second · ends Sep 2050, second Dec 2056$206,721
New conventional · ends Dec 2056$381,732