Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,607/mo
Lowest payment- Down payment
- $68,133
- Funds due
- $78,229
- Interest + MI left
- $90,463
- First ends
- Oct 2050
Assumption
Assumption + second
$1,961/mo
+$354/mo- Down payment
- $24,133
- Funds due
- $35,490
- Interest + MI left
- $173,915
- First ends
- Oct 2050
New loan
New conventional
$2,155/mo
+$548/mo- Down payment
- $24,133
- Funds due
- $32,217
- Interest + MI left
- $319,710
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,867 | $166,867 | $210,867 |
| Second mortgage | — | $44,000 | — |
| First P&I | $817.15 | $817.15 | $1,460.00 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | $136.94 | $136.94 | $42.17 |
| Taxes, insurance & HOA | $652.50 | $652.50 | $652.50 |
| Total housing payment | $1,606.59 | $1,960.63 | $2,154.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,133
Closing costs & prepaids$11,357
Usable credit−$0
Total buyer cash needed$35,490
Earnest money paid−$0
Remaining funds due$35,490
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,350.00
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)$376.50
Initial HOA (3 months)$1,131.00
Prepaid interest, first (1 days)$13.81
Prepaid interest, second (1 days)$10.85
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 11 moOf the original 30-year loan at 3.020%
Interest already paid$33,194Through Nov 2026
Assumption only · ends Oct 2050$90,463
Assumption + second · ends Oct 2050, second Dec 2056$173,915
New conventional · ends Dec 2056$319,710