Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,217/mo
Lowest payment- Down payment
- $107,863
- Funds due
- $119,833
- Interest + MI left
- $119,023
- First ends
- Sep 2050
Assumption
Assumption + second
$2,820/mo
+$603/mo- Down payment
- $32,863
- Funds due
- $46,120
- Interest + MI left
- $261,271
- First ends
- Sep 2050
New loan
New conventional
$3,031/mo
+$815/mo- Down payment
- $32,863
- Funds due
- $42,785
- Interest + MI left
- $435,196
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,037 | $212,037 | $287,037 |
| Second mortgage | — | $75,000 | — |
| First P&I | $1,056.22 | $1,056.22 | $1,987.39 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | $173.88 | $173.88 | $57.41 |
| Taxes, insurance & HOA | $986.58 | $986.58 | $986.58 |
| Total housing payment | $2,216.68 | $2,820.14 | $3,031.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,863
Closing costs & prepaids$13,257
Usable credit−$0
Total buyer cash needed$46,120
Earnest money paid−$0
Remaining funds due$46,120
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$799.75
Initial HOA (3 months)$1,710.00
Prepaid interest, first (2 days)$36.71
Prepaid interest, second (2 days)$36.99
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$44,726Through Nov 2026
Assumption only · ends Sep 2050$119,023
Assumption + second · ends Sep 2050, second Dec 2056$261,271
New conventional · ends Dec 2056$435,196