Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,789/mo
Lowest payment- Down payment
- $124,482
- Funds due
- $135,421
- Interest + MI left
- $110,747
- First ends
- Oct 2050
Assumption
Assumption + second
$2,521/mo
+$732/mo- Down payment
- $33,482
- Funds due
- $45,693
- Interest + MI left
- $283,342
- First ends
- Oct 2050
New loan
New conventional
$2,728/mo
+$939/mo- Down payment
- $33,482
- Funds due
- $42,330
- Interest + MI left
- $449,479
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,418 | $205,418 | $296,418 |
| Second mortgage | — | $91,000 | — |
| First P&I | $1,003.82 | $1,003.82 | $2,052.34 |
| Second P&I | — | $732.21 | — |
| Mortgage insurance | $168.65 | $168.65 | $59.28 |
| Taxes, insurance & HOA | $616.08 | $616.08 | $616.08 |
| Total housing payment | $1,788.55 | $2,520.76 | $2,727.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,482
Closing costs & prepaids$12,212
Usable credit−$0
Total buyer cash needed$45,693
Earnest money paid−$0
Remaining funds due$45,693
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.00
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)$1,122.25
Initial HOA (3 months)$276.00
Prepaid interest, first (1 days)$16.88
Prepaid interest, second (1 days)$22.44
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 3.000%
Interest already paid$40,602Through Nov 2026
Assumption only · ends Oct 2050$110,747
Assumption + second · ends Oct 2050, second Dec 2056$283,342
New conventional · ends Dec 2056$449,479