Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,527/mo
Lowest payment- Down payment
- $133,814
- Funds due
- $144,266
- Interest + MI left
- $102,151
- First ends
- Feb 2050
Assumption
Assumption + second
$2,290/mo
+$763/mo- Down payment
- $29,814
- Funds due
- $41,721
- Interest + MI left
- $272,872
- First ends
- Feb 2050
New loan
New conventional
$2,375/mo
+$848/mo- Down payment
- $29,814
- Funds due
- $38,488
- Interest + MI left
- $387,746
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $161,186 | $161,186 | $265,186 |
| Second mortgage | — | $104,000 | — |
| First P&I | $868.53 | $868.53 | $1,796.46 |
| Second P&I | — | $763.12 | — |
| Mortgage insurance | $132.84 | $132.84 | $53.04 |
| Taxes, insurance & HOA | $526.00 | $526.00 | $526.00 |
| Total housing payment | $1,527.37 | $2,290.48 | $2,375.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,814
Closing costs & prepaids$11,907
Usable credit−$0
Total buyer cash needed$41,721
Earnest money paid−$0
Remaining funds due$41,721
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$354.00
Initial HOA (3 months)$774.00
Prepaid interest, first (9 days)$149.04
Prepaid interest, second (9 days)$205.15
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 2 moOf the original 30-year loan at 3.75%
Interest already paid$44,866Through Dec 2026
Assumption only · ends Feb 2050$102,151
Assumption + second · ends Feb 2050, second Jan 2057$272,872
New conventional · ends Jan 2057$387,746