Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,738/mo
Lowest payment- Down payment
- $104,695
- Funds due
- $115,261
- Interest + MI left
- $110,462
- First ends
- Mar 2050
Assumption
Assumption + second
$2,341/mo
+$603/mo- Down payment
- $29,695
- Funds due
- $41,548
- Interest + MI left
- $252,711
- First ends
- Mar 2050
New loan
New conventional
$2,473/mo
+$735/mo- Down payment
- $29,695
- Funds due
- $38,234
- Interest + MI left
- $394,716
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $185,304 | $185,304 | $260,304 |
| Second mortgage | — | $75,000 | — |
| First P&I | $966.39 | $966.39 | $1,802.29 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | $153.01 | $153.01 | $52.06 |
| Taxes, insurance & HOA | $618.50 | $618.50 | $618.50 |
| Total housing payment | $1,737.90 | $2,341.37 | $2,472.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,695
Closing costs & prepaids$11,853
Usable credit−$0
Total buyer cash needed$41,548
Earnest money paid−$0
Remaining funds due$41,548
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,899.99
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)$1,237.50
Initial HOA (3 months)$168.00
Prepaid interest, first (2 days)$35.23
Prepaid interest, second (2 days)$36.99
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 4 moOf the original 30-year loan at 3.470%
Interest already paid$46,600Through Nov 2026
Assumption only · ends Mar 2050$110,462
Assumption + second · ends Mar 2050, second Dec 2056$252,711
New conventional · ends Dec 2056$394,716