Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,663/mo
Lowest payment- Down payment
- $101,192
- Funds due
- $111,426
- Interest + MI left
- $115,823
- First ends
- Feb 2050
Assumption
Assumption + second
$2,242/mo
+$579/mo- Down payment
- $29,192
- Funds due
- $40,711
- Interest + MI left
- $252,381
- First ends
- Feb 2050
New loan
New conventional
$2,365/mo
+$702/mo- Down payment
- $29,192
- Funds due
- $37,403
- Interest + MI left
- $395,533
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $188,808 | $188,808 | $260,808 |
| Second mortgage | — | $72,000 | — |
| First P&I | $999.96 | $999.96 | $1,805.78 |
| Second P&I | — | $579.33 | — |
| Mortgage insurance | $155.79 | $155.79 | $52.16 |
| Taxes, insurance & HOA | $507.25 | $507.25 | $507.25 |
| Total housing payment | $1,663.00 | $2,242.33 | $2,365.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,192
Closing costs & prepaids$11,520
Usable credit−$0
Total buyer cash needed$40,711
Earnest money paid−$0
Remaining funds due$40,711
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$1,030.50
Initial HOA (3 months)$41.25
Prepaid interest, first (2 days)$37.24
Prepaid interest, second (2 days)$35.51
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 3.600%
Interest already paid$49,863Through Nov 2026
Assumption only · ends Feb 2050$115,823
Assumption + second · ends Feb 2050, second Dec 2056$252,381
New conventional · ends Dec 2056$395,533