Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,465/mo
Lowest payment- Down payment
- $74,145
- Funds due
- $84,054
- Interest + MI left
- $77,282
- First ends
- Sep 2050
Assumption
Assumption + second
$1,892/mo
+$426/mo- Down payment
- $21,145
- Funds due
- $32,317
- Interest + MI left
- $177,804
- First ends
- Sep 2050
New loan
New conventional
$2,019/mo
+$554/mo- Down payment
- $21,145
- Funds due
- $29,069
- Interest + MI left
- $286,411
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $135,855 | $135,855 | $188,855 |
| Second mortgage | — | $53,000 | — |
| First P&I | $680.27 | $680.27 | $1,307.59 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $111.28 | $111.28 | $37.77 |
| Taxes, insurance & HOA | $673.92 | $673.92 | $673.92 |
| Total housing payment | $1,465.47 | $1,891.92 | $2,019.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,145
Closing costs & prepaids$11,172
Usable credit−$0
Total buyer cash needed$32,317
Earnest money paid−$0
Remaining funds due$32,317
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,100.00
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)$854.75
Initial HOA (3 months)$717.00
Prepaid interest, first (1 days)$11.95
Prepaid interest, second (1 days)$13.07
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 10 moOf the original 30-year loan at 3.210%
Interest already paid$29,093Through Nov 2026
Assumption only · ends Sep 2050$77,282
Assumption + second · ends Sep 2050, second Dec 2056$177,804
New conventional · ends Dec 2056$286,411