Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,728/mo
Lowest payment- Down payment
- $129,301
- Funds due
- $140,238
- Interest + MI left
- $99,916
- First ends
- Oct 2050
Assumption
Assumption + second
$2,508/mo
+$780/mo- Down payment
- $32,301
- Funds due
- $44,512
- Interest + MI left
- $283,890
- First ends
- Oct 2050
New loan
New conventional
$2,698/mo
+$970/mo- Down payment
- $32,301
- Funds due
- $41,158
- Interest + MI left
- $436,106
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $190,599 | $190,599 | $287,599 |
| Second mortgage | — | $97,000 | — |
| First P&I | $921.60 | $921.60 | $1,991.28 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | $156.84 | $156.84 | $57.52 |
| Taxes, insurance & HOA | $649.09 | $649.09 | $649.09 |
| Total housing payment | $1,727.52 | $2,508.00 | $2,697.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,301
Closing costs & prepaids$12,210
Usable credit−$0
Total buyer cash needed$44,512
Earnest money paid−$0
Remaining funds due$44,512
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$1,457.75
Initial HOA (3 months)$39.51
Prepaid interest, first (1 days)$15.14
Prepaid interest, second (1 days)$23.92
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 11 moOf the original 30-year loan at 2.900%
Interest already paid$36,460Through Nov 2026
Assumption only · ends Oct 2050$99,916
Assumption + second · ends Oct 2050, second Dec 2056$283,890
New conventional · ends Dec 2056$436,106