Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,373/mo
Lowest payment- Down payment
- $69,356
- Funds due
- $78,907
- Interest + MI left
- $86,806
- First ends
- Oct 2050
Assumption
Assumption + second
$1,743/mo
+$370/mo- Down payment
- $23,356
- Funds due
- $34,259
- Interest + MI left
- $174,052
- First ends
- Oct 2050
New loan
New conventional
$1,893/mo
+$521/mo- Down payment
- $23,356
- Funds due
- $31,119
- Interest + MI left
- $302,105
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $160,643 | $160,643 | $206,643 |
| Second mortgage | — | $46,000 | — |
| First P&I | $788.55 | $788.55 | $1,399.87 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $132.15 | $132.15 | $41.33 |
| Taxes, insurance & HOA | $452.00 | $452.00 | $452.00 |
| Total housing payment | $1,372.70 | $1,742.82 | $1,893.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,356
Closing costs & prepaids$10,903
Usable credit−$0
Total buyer cash needed$34,259
Earnest money paid−$0
Remaining funds due$34,259
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,299.99
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)$276.00
Initial HOA (3 months)$630.00
Prepaid interest, first (9 days)$119.62
Prepaid interest, second (9 days)$102.08
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 10 moOf the original 30-year loan at 3.02%
Interest already paid$32,438Through Dec 2026
Assumption only · ends Oct 2050$86,806
Assumption + second · ends Oct 2050, second Jan 2057$174,052
New conventional · ends Jan 2057$302,105