Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,721/mo
Lowest payment- Down payment
- $97,135
- Funds due
- $107,530
- Interest + MI left
- $114,362
- First ends
- Feb 2050
Assumption
Assumption + second
$2,276/mo
+$555/mo- Down payment
- $28,135
- Funds due
- $39,814
- Interest + MI left
- $245,230
- First ends
- Feb 2050
New loan
New conventional
$2,388/mo
+$667/mo- Down payment
- $28,135
- Funds due
- $36,513
- Interest + MI left
- $381,955
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $182,855 | $182,855 | $251,855 |
| Second mortgage | — | $69,000 | — |
| First P&I | $976.22 | $976.22 | $1,743.79 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | $150.60 | $150.60 | $50.37 |
| Taxes, insurance & HOA | $594.17 | $594.17 | $594.17 |
| Total housing payment | $1,720.99 | $2,276.18 | $2,388.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,135
Closing costs & prepaids$11,678
Usable credit−$0
Total buyer cash needed$39,814
Earnest money paid−$0
Remaining funds due$39,814
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,799.90
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)$1,307.75
Initial HOA (3 months)$24.75
Prepaid interest, first (2 days)$36.87
Prepaid interest, second (2 days)$34.03
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 3 moOf the original 30-year loan at 3.680%
Interest already paid$49,315Through Nov 2026
Assumption only · ends Feb 2050$114,362
Assumption + second · ends Feb 2050, second Dec 2056$245,230
New conventional · ends Dec 2056$381,955