Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,863/mo
Lowest payment- Down payment
- $102,356
- Funds due
- $113,270
- Interest + MI left
- $113,694
- First ends
- May 2050
Assumption
Assumption + second
$2,451/mo
+$587/mo- Down payment
- $29,356
- Funds due
- $41,556
- Interest + MI left
- $252,149
- First ends
- May 2050
New loan
New conventional
$2,572/mo
+$709/mo- Down payment
- $29,356
- Funds due
- $38,245
- Interest + MI left
- $387,447
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $182,544 | $182,544 | $255,544 |
| Second mortgage | — | $73,000 | — |
| First P&I | $962.15 | $962.15 | $1,769.34 |
| Second P&I | — | $587.37 | — |
| Mortgage insurance | $149.53 | $149.53 | $51.11 |
| Taxes, insurance & HOA | $751.50 | $751.50 | $751.50 |
| Total housing payment | $1,863.19 | $2,450.56 | $2,571.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,356
Closing costs & prepaids$12,201
Usable credit−$0
Total buyer cash needed$41,556
Earnest money paid−$0
Remaining funds due$41,556
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,849.00
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)$802.50
Initial HOA (3 months)$1,002.00
Prepaid interest, first (2 days)$36.21
Prepaid interest, second (2 days)$36.00
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 3.620%
Interest already paid$46,487Through Nov 2026
Assumption only · ends May 2050$113,694
Assumption + second · ends May 2050, second Dec 2056$252,149
New conventional · ends Dec 2056$387,447