Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,835/mo
Lowest payment- Down payment
- $117,836
- Funds due
- $129,010
- Interest + MI left
- $98,483
- First ends
- Oct 2050
Assumption
Assumption + second
$2,535/mo
+$700/mo- Down payment
- $30,836
- Funds due
- $43,281
- Interest + MI left
- $263,491
- First ends
- Oct 2050
New loan
New conventional
$2,712/mo
+$877/mo- Down payment
- $30,836
- Funds due
- $39,941
- Interest + MI left
- $408,098
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $182,164 | $182,164 | $269,164 |
| Second mortgage | — | $87,000 | — |
| First P&I | $891.12 | $891.12 | $1,863.64 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $149.53 | $149.53 | $53.83 |
| Taxes, insurance & HOA | $794.67 | $794.67 | $794.67 |
| Total housing payment | $1,835.32 | $2,535.34 | $2,712.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,836
Closing costs & prepaids$12,445
Usable credit−$0
Total buyer cash needed$43,281
Earnest money paid−$0
Remaining funds due$43,281
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$1,772.00
Initial HOA (3 months)$162.00
Prepaid interest, first (1 days)$15.02
Prepaid interest, second (1 days)$21.45
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 3.010%
Interest already paid$36,121Through Nov 2026
Assumption only · ends Oct 2050$98,483
Assumption + second · ends Oct 2050, second Dec 2056$263,491
New conventional · ends Dec 2056$408,098