Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,552/mo
Lowest payment- Down payment
- $47,788
- Funds due
- $57,005
- Interest + MI left
- $147,412
- First ends
- Mar 2050
Assumption
Assumption + second
$1,785/mo
+$233/mo- Down payment
- $18,788
- Funds due
- $29,269
- Interest + MI left
- $202,415
- First ends
- Mar 2050
New loan
New conventional
$1,686/mo
+$135/mo- Down payment
- $18,788
- Funds due
- $26,033
- Interest + MI left
- $247,457
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $134,212 | $134,212 | $163,212 |
| Second mortgage | — | $29,000 | — |
| First P&I | $964.79 | $964.79 | $1,130.05 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $63.19 | $63.19 | $32.64 |
| Taxes, insurance & HOA | $523.75 | $523.75 | $523.75 |
| Total housing payment | $1,551.73 | $1,785.07 | $1,686.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,788
Closing costs & prepaids$10,481
Usable credit−$0
Total buyer cash needed$29,269
Earnest money paid−$0
Remaining funds due$29,269
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,820.00
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)$530.25
Initial HOA (3 months)$591.00
Prepaid interest, first (2 days)$50.67
Prepaid interest, second (2 days)$14.30
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 25-year loan at 6.890%
Interest already paid$15,637Through Nov 2026
Assumption only · ends Mar 2050$147,412
Assumption + second · ends Mar 2050, second Dec 2056$202,415
New conventional · ends Dec 2056$247,457