Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,450/mo
Lowest payment- Down payment
- $107,109
- Funds due
- $117,267
- Interest + MI left
- $79,299
- First ends
- May 2050
Assumption
Assumption + second
$2,118/mo
+$668/mo- Down payment
- $24,109
- Funds due
- $35,558
- Interest + MI left
- $236,720
- First ends
- May 2050
New loan
New conventional
$2,190/mo
+$740/mo- Down payment
- $24,109
- Funds due
- $32,289
- Interest + MI left
- $327,262
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $132,791 | $132,791 | $215,791 |
| Second mortgage | — | $83,000 | — |
| First P&I | $687.93 | $687.93 | $1,494.09 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | $109.19 | $109.19 | $43.16 |
| Taxes, insurance & HOA | $653.17 | $653.17 | $653.17 |
| Total housing payment | $1,450.29 | $2,118.13 | $2,190.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,109
Closing costs & prepaids$11,450
Usable credit−$0
Total buyer cash needed$35,558
Earnest money paid−$0
Remaining funds due$35,558
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,399.00
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)$654.50
Initial HOA (3 months)$855.00
Prepaid interest, first (2 days)$25.10
Prepaid interest, second (2 days)$40.93
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 6 moOf the original 30-year loan at 3.450%
Interest already paid$32,294Through Nov 2026
Assumption only · ends May 2050$79,299
Assumption + second · ends May 2050, second Dec 2056$236,720
New conventional · ends Dec 2056$327,262