Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,780/mo
Lowest payment- Down payment
- $67,437
- Funds due
- $77,588
- Interest + MI left
- $126,017
- First ends
- Sep 2050
Assumption
Assumption + second
$2,077/mo
+$298/mo- Down payment
- $30,437
- Funds due
- $41,856
- Interest + MI left
- $196,192
- First ends
- Sep 2050
New loan
New conventional
$2,366/mo
+$586/mo- Down payment
- $30,437
- Funds due
- $38,554
- Interest + MI left
- $408,757
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $232,563 | $232,563 | $269,563 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,142.78 | $1,142.78 | $1,866.40 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | $191.26 | $191.26 | $53.91 |
| Taxes, insurance & HOA | $445.67 | $445.67 | $445.67 |
| Total housing payment | $1,779.71 | $2,077.42 | $2,365.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,437
Closing costs & prepaids$11,419
Usable credit−$0
Total buyer cash needed$41,856
Earnest money paid−$0
Remaining funds due$41,856
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$287.00
Initial HOA (3 months)$600.00
Prepaid interest, first (2 days)$38.61
Prepaid interest, second (2 days)$18.25
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 10 moOf the original 30-year loan at 3.030%
Interest already paid$47,110Through Nov 2026
Assumption only · ends Sep 2050$126,017
Assumption + second · ends Sep 2050, second Dec 2056$196,192
New conventional · ends Dec 2056$408,757