Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,503/mo
Lowest payment- Down payment
- $168,098
- Funds due
- $178,814
- Interest + MI left
- $97,229
- First ends
- Oct 2050
Assumption
Assumption + second
$2,479/mo
+$976/mo- Down payment
- $35,098
- Funds due
- $47,123
- Interest + MI left
- $315,556
- First ends
- Oct 2050
New loan
New conventional
$2,695/mo
+$1,192/mo- Down payment
- $35,098
- Funds due
- $43,759
- Interest + MI left
- $469,925
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $176,902 | $176,902 | $309,902 |
| Second mortgage | — | $133,000 | — |
| First P&I | $870.87 | $870.87 | $2,145.70 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | $145.01 | $145.01 | $61.98 |
| Taxes, insurance & HOA | $487.08 | $487.08 | $487.08 |
| Total housing payment | $1,502.96 | $2,478.87 | $2,694.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,098
Closing costs & prepaids$12,024
Usable credit−$0
Total buyer cash needed$47,123
Earnest money paid−$0
Remaining funds due$47,123
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$623.25
Initial HOA (3 months)$387.99
Prepaid interest, first (2 days)$29.76
Prepaid interest, second (2 days)$58.30
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 11 moOf the original 30-year loan at 3.070%
Interest already paid$35,752Through Nov 2026
Assumption only · ends Oct 2050$97,229
Assumption + second · ends Oct 2050, second Dec 2056$315,556
New conventional · ends Dec 2056$469,925