Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,867/mo
Lowest payment- Down payment
- $108,704
- Funds due
- $119,153
- Interest + MI left
- $155,118
- First ends
- May 2050
Assumption
Assumption + second
$2,446/mo
+$579/mo- Down payment
- $36,704
- Funds due
- $48,439
- Interest + MI left
- $291,676
- First ends
- May 2050
New loan
New conventional
$2,641/mo
+$774/mo- Down payment
- $36,704
- Funds due
- $45,068
- Interest + MI left
- $488,681
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,271 | $250,271 | $322,271 |
| Second mortgage | — | $72,000 | — |
| First P&I | $1,316.46 | $1,316.46 | $2,231.34 |
| Second P&I | — | $579.33 | — |
| Mortgage insurance | $205.10 | $205.10 | $64.45 |
| Taxes, insurance & HOA | $345.08 | $345.08 | $345.08 |
| Total housing payment | $1,866.64 | $2,445.97 | $2,640.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,704
Closing costs & prepaids$11,735
Usable credit−$0
Total buyer cash needed$48,439
Earnest money paid−$0
Remaining funds due$48,439
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,589.75
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)$303.25
Initial HOA (3 months)$282.00
Prepaid interest, first (2 days)$49.37
Prepaid interest, second (2 days)$35.51
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 6 moOf the original 30-year loan at 3.600%
Interest already paid$63,398Through Nov 2026
Assumption only · ends May 2050$155,118
Assumption + second · ends May 2050, second Dec 2056$291,676
New conventional · ends Dec 2056$488,681