Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,629/mo
Lowest payment- Down payment
- $139,279
- Funds due
- $150,137
- Interest + MI left
- $90,399
- First ends
- May 2050
Assumption
Assumption + second
$2,436/mo
+$807/mo- Down payment
- $29,279
- Funds due
- $41,411
- Interest + MI left
- $270,970
- First ends
- May 2050
New loan
New conventional
$2,580/mo
+$951/mo- Down payment
- $29,279
- Funds due
- $38,083
- Interest + MI left
- $395,197
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $150,621 | $150,621 | $260,621 |
| Second mortgage | — | $110,000 | — |
| First P&I | $781.89 | $781.89 | $1,804.49 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | $123.80 | $123.80 | $52.12 |
| Taxes, insurance & HOA | $723.17 | $723.17 | $723.17 |
| Total housing payment | $1,628.86 | $2,436.00 | $2,579.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,279
Closing costs & prepaids$12,132
Usable credit−$0
Total buyer cash needed$41,411
Earnest money paid−$0
Remaining funds due$41,411
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,899.00
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)$969.50
Initial HOA (3 months)$750.00
Prepaid interest, first (1 days)$14.32
Prepaid interest, second (1 days)$24.11
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 6 moOf the original 30-year loan at 3.470%
Interest already paid$36,834Through Nov 2026
Assumption only · ends May 2050$90,399
Assumption + second · ends May 2050, second Dec 2056$270,970
New conventional · ends Dec 2056$395,197