Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,454/mo
Lowest payment- Down payment
- $115,286
- Funds due
- $125,187
- Interest + MI left
- $115,047
- First ends
- Mar 2050
Assumption
Assumption + second
$2,138/mo
+$684/mo- Down payment
- $30,286
- Funds due
- $41,626
- Interest + MI left
- $276,262
- First ends
- Mar 2050
New loan
New conventional
$2,190/mo
+$736/mo- Down payment
- $30,286
- Funds due
- $38,389
- Interest + MI left
- $390,003
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $181,766 | $181,766 | $266,766 |
| Second mortgage | — | $85,000 | — |
| First P&I | $975.27 | $975.27 | $1,807.17 |
| Second P&I | — | $683.93 | — |
| Mortgage insurance | $149.53 | $149.53 | $53.35 |
| Taxes, insurance & HOA | $329.50 | $329.50 | $329.50 |
| Total housing payment | $1,454.30 | $2,138.23 | $2,190.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,286
Closing costs & prepaids$11,340
Usable credit−$0
Total buyer cash needed$41,626
Earnest money paid−$0
Remaining funds due$41,626
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,970.52
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)$356.50
Initial HOA (3 months)$182.01
Prepaid interest, first (9 days)$167.18
Prepaid interest, second (9 days)$188.63
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 3 moOf the original 30-year loan at 3.73%
Interest already paid$49,658Through Dec 2026
Assumption only · ends Mar 2050$115,047
Assumption + second · ends Mar 2050, second Jan 2057$276,262
New conventional · ends Jan 2057$390,003