Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,515/mo
Lowest payment- Down payment
- $125,131
- Funds due
- $135,210
- Interest + MI left
- $112,495
- First ends
- Feb 2050
Assumption
Assumption + second
$2,271/mo
+$756/mo- Down payment
- $31,131
- Funds due
- $42,507
- Interest + MI left
- $290,779
- First ends
- Feb 2050
New loan
New conventional
$2,357/mo
+$843/mo- Down payment
- $31,131
- Funds due
- $39,174
- Interest + MI left
- $415,286
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,869 | $179,869 | $273,869 |
| Second mortgage | — | $94,000 | — |
| First P&I | $960.28 | $960.28 | $1,896.21 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | $148.14 | $148.14 | $54.77 |
| Taxes, insurance & HOA | $406.16 | $406.16 | $406.16 |
| Total housing payment | $1,514.59 | $2,270.93 | $2,357.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,131
Closing costs & prepaids$11,376
Usable credit−$0
Total buyer cash needed$42,507
Earnest money paid−$0
Remaining funds due$42,507
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,050.00
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)$706.00
Initial HOA (3 months)$62.49
Prepaid interest, first (2 days)$36.27
Prepaid interest, second (2 days)$46.36
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 3.680%
Interest already paid$48,510Through Nov 2026
Assumption only · ends Feb 2050$112,495
Assumption + second · ends Feb 2050, second Dec 2056$290,779
New conventional · ends Dec 2056$415,286