Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,542/mo
Lowest payment- Down payment
- $124,792
- Funds due
- $135,250
- Interest + MI left
- $83,479
- First ends
- Mar 2050
Assumption
Assumption + second
$2,298/mo
+$756/mo- Down payment
- $30,792
- Funds due
- $42,523
- Interest + MI left
- $261,763
- First ends
- Mar 2050
New loan
New conventional
$2,474/mo
+$932/mo- Down payment
- $30,792
- Funds due
- $39,183
- Interest + MI left
- $408,013
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,108 | $175,108 | $269,108 |
| Second mortgage | — | $94,000 | — |
| First P&I | $840.96 | $840.96 | $1,863.25 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | $144.19 | $144.19 | $53.82 |
| Taxes, insurance & HOA | $556.91 | $556.91 | $556.91 |
| Total housing payment | $1,542.07 | $2,298.41 | $2,473.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,792
Closing costs & prepaids$11,731
Usable credit−$0
Total buyer cash needed$42,523
Earnest money paid−$0
Remaining funds due$42,523
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$1,214.50
Initial HOA (3 months)$6.24
Prepaid interest, first (1 days)$12.81
Prepaid interest, second (1 days)$23.18
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 4 moOf the original 29-year loan at 2.670%
Interest already paid$28,732Through Nov 2026
Assumption only · ends Mar 2050$83,479
Assumption + second · ends Mar 2050, second Dec 2056$261,763
New conventional · ends Dec 2056$408,013