Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,393/mo
Lowest payment- Down payment
- $94,398
- Funds due
- $104,031
- Interest + MI left
- $104,607
- First ends
- Jun 2050
Assumption
Assumption + second
$1,924/mo
+$531/mo- Down payment
- $28,398
- Funds due
- $39,428
- Interest + MI left
- $229,785
- First ends
- Jun 2050
New loan
New conventional
$2,040/mo
+$647/mo- Down payment
- $28,398
- Funds due
- $36,236
- Interest + MI left
- $360,474
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,602 | $180,602 | $246,602 |
| Second mortgage | — | $66,000 | — |
| First P&I | $924.22 | $924.22 | $1,670.57 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | $148.92 | $148.92 | $49.32 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $1,393.13 | $1,924.18 | $2,039.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,398
Closing costs & prepaids$11,030
Usable credit−$0
Total buyer cash needed$39,428
Earnest money paid−$0
Remaining funds due$39,428
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$330.00
Initial HOA (3 months)$180.00
Prepaid interest, first (9 days)$148.29
Prepaid interest, second (9 days)$146.47
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 6 moOf the original 30-year loan at 3.33%
Interest already paid$42,455Through Dec 2026
Assumption only · ends Jun 2050$104,607
Assumption + second · ends Jun 2050, second Jan 2057$229,785
New conventional · ends Jan 2057$360,474