Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,545/mo
Lowest payment- Down payment
- $58,445
- Funds due
- $67,932
- Interest + MI left
- $114,004
- First ends
- Apr 2050
Assumption
Assumption + second
$1,810/mo
+$266/mo- Down payment
- $25,445
- Funds due
- $36,199
- Interest + MI left
- $176,593
- First ends
- Apr 2050
New loan
New conventional
$1,992/mo
+$447/mo- Down payment
- $25,445
- Funds due
- $32,933
- Interest + MI left
- $340,508
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $191,555 | $191,555 | $224,555 |
| Second mortgage | — | $33,000 | — |
| First P&I | $994.66 | $994.66 | $1,554.77 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $157.88 | $157.88 | $44.91 |
| Taxes, insurance & HOA | $392.00 | $392.00 | $392.00 |
| Total housing payment | $1,544.54 | $1,810.06 | $1,991.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,445
Closing costs & prepaids$10,753
Usable credit−$0
Total buyer cash needed$36,199
Earnest money paid−$0
Remaining funds due$36,199
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$537.00
Initial HOA (3 months)$189.00
Prepaid interest, first (2 days)$36.21
Prepaid interest, second (2 days)$16.27
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 5 moOf the original 30-year loan at 3.450%
Interest already paid$47,245Through Nov 2026
Assumption only · ends Apr 2050$114,004
Assumption + second · ends Apr 2050, second Dec 2056$176,593
New conventional · ends Dec 2056$340,508