Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,730/mo
Lowest payment- Down payment
- $145,245
- Funds due
- $156,549
- Interest + MI left
- $83,901
- First ends
- Jul 2050
Assumption
Assumption + second
$2,573/mo
+$844/mo- Down payment
- $30,245
- Funds due
- $42,824
- Interest + MI left
- $272,679
- First ends
- Jul 2050
New loan
New conventional
$2,741/mo
+$1,012/mo- Down payment
- $30,245
- Funds due
- $39,488
- Interest + MI left
- $401,314
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $149,655 | $149,655 | $264,655 |
| Second mortgage | — | $115,000 | — |
| First P&I | $750.56 | $750.56 | $1,832.42 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | $123.24 | $123.24 | $52.93 |
| Taxes, insurance & HOA | $855.83 | $855.83 | $855.83 |
| Total housing payment | $1,729.63 | $2,573.46 | $2,741.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,245
Closing costs & prepaids$12,580
Usable credit−$0
Total buyer cash needed$42,824
Earnest money paid−$0
Remaining funds due$42,824
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,949.00
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)$767.50
Initial HOA (3 months)$1,350.00
Prepaid interest, first (1 days)$13.04
Prepaid interest, second (1 days)$25.21
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 8 moOf the original 30-year loan at 3.180%
Interest already paid$32,706Through Nov 2026
Assumption only · ends Jul 2050$83,901
Assumption + second · ends Jul 2050, second Dec 2056$272,679
New conventional · ends Dec 2056$401,314