Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,478/mo
Lowest payment- Down payment
- $131,445
- Funds due
- $141,694
- Interest + MI left
- $106,406
- First ends
- Oct 2050
Assumption
Assumption + second
$2,266/mo
+$789/mo- Down payment
- $33,445
- Funds due
- $45,162
- Interest + MI left
- $292,277
- First ends
- Oct 2050
New loan
New conventional
$2,411/mo
+$933/mo- Down payment
- $33,445
- Funds due
- $41,939
- Interest + MI left
- $433,612
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $198,555 | $198,555 | $296,555 |
| Second mortgage | — | $98,000 | — |
| First P&I | $971.58 | $971.58 | $2,008.97 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | $163.44 | $163.44 | $59.31 |
| Taxes, insurance & HOA | $342.67 | $342.67 | $342.67 |
| Total housing payment | $1,477.69 | $2,266.22 | $2,410.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,445
Closing costs & prepaids$11,717
Usable credit−$0
Total buyer cash needed$45,162
Earnest money paid−$0
Remaining funds due$45,162
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$396.00
Initial HOA (3 months)$182.01
Prepaid interest, first (9 days)$146.39
Prepaid interest, second (9 days)$217.48
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 2.99%
Interest already paid$39,709Through Dec 2026
Assumption only · ends Oct 2050$106,406
Assumption + second · ends Oct 2050, second Jan 2057$292,277
New conventional · ends Jan 2057$433,612