Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,852/mo
Lowest payment- Down payment
- $83,815
- Funds due
- $94,460
- Interest + MI left
- $112,269
- First ends
- Dec 2049
Assumption
Assumption + second
$2,302/mo
+$451/mo- Down payment
- $27,815
- Funds due
- $39,737
- Interest + MI left
- $218,481
- First ends
- Dec 2049
New loan
New conventional
$2,436/mo
+$584/mo- Down payment
- $27,815
- Funds due
- $36,443
- Interest + MI left
- $367,041
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $186,085 | $186,085 | $242,085 |
| Second mortgage | — | $56,000 | — |
| First P&I | $986.14 | $986.14 | $1,676.15 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $154.40 | $154.40 | $48.42 |
| Taxes, insurance & HOA | $711.25 | $711.25 | $711.25 |
| Total housing payment | $1,851.79 | $2,302.38 | $2,435.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,815
Closing costs & prepaids$11,922
Usable credit−$0
Total buyer cash needed$39,737
Earnest money paid−$0
Remaining funds due$39,737
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,699.00
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)$558.75
Initial HOA (3 months)$1,125.00
Prepaid interest, first (2 days)$36.30
Prepaid interest, second (2 days)$27.62
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 1 moOf the original 30-year loan at 3.560%
Interest already paid$49,955Through Nov 2026
Assumption only · ends Dec 2049$112,269
Assumption + second · ends Dec 2049, second Dec 2056$218,481
New conventional · ends Dec 2056$367,041