Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,468/mo
Lowest payment- Down payment
- $122,533
- Funds due
- $132,699
- Interest + MI left
- $104,161
- First ends
- Nov 2050
Assumption
Assumption + second
$2,192/mo
+$724/mo- Down payment
- $32,533
- Funds due
- $44,148
- Interest + MI left
- $274,859
- First ends
- Nov 2050
New loan
New conventional
$2,351/mo
+$882/mo- Down payment
- $32,533
- Funds due
- $40,938
- Interest + MI left
- $418,805
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,467 | $196,467 | $286,467 |
| Second mortgage | — | $90,000 | — |
| First P&I | $954.00 | $954.00 | $1,940.63 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | $161.52 | $161.52 | $57.29 |
| Taxes, insurance & HOA | $352.58 | $352.58 | $352.58 |
| Total housing payment | $1,468.11 | $2,192.27 | $2,350.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,533
Closing costs & prepaids$11,615
Usable credit−$0
Total buyer cash needed$44,148
Earnest money paid−$0
Remaining funds due$44,148
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,190.00
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)$382.75
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$142.42
Prepaid interest, second (9 days)$199.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 11 moOf the original 30-year loan at 2.94%
Interest already paid$38,083Through Dec 2026
Assumption only · ends Nov 2050$104,161
Assumption + second · ends Nov 2050, second Jan 2057$274,859
New conventional · ends Jan 2057$418,805