Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,996/mo
Lowest payment- Down payment
- $59,684
- Funds due
- $70,795
- Interest + MI left
- $94,664
- First ends
- Apr 2050
Assumption
Assumption + second
$2,301/mo
+$306/mo- Down payment
- $21,684
- Funds due
- $34,054
- Interest + MI left
- $166,736
- First ends
- Apr 2050
New loan
New conventional
$2,415/mo
+$419/mo- Down payment
- $21,684
- Funds due
- $30,801
- Interest + MI left
- $285,519
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $150,316 | $150,316 | $188,316 |
| Second mortgage | — | $38,000 | — |
| First P&I | $798.89 | $798.89 | $1,303.86 |
| Second P&I | — | $305.76 | — |
| Mortgage insurance | $123.24 | $123.24 | $37.66 |
| Taxes, insurance & HOA | $1,073.58 | $1,073.58 | $1,073.58 |
| Total housing payment | $1,995.72 | $2,301.47 | $2,415.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,684
Closing costs & prepaids$12,370
Usable credit−$0
Total buyer cash needed$34,054
Earnest money paid−$0
Remaining funds due$34,054
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)$658.75
Initial HOA (3 months)$2,112.00
Prepaid interest, first (1 days)$15.16
Prepaid interest, second (1 days)$9.37
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 5 moOf the original 30-year loan at 3.680%
Interest already paid$39,436Through Nov 2026
Assumption only · ends Apr 2050$94,664
Assumption + second · ends Apr 2050, second Dec 2056$166,736
New conventional · ends Dec 2056$285,519