Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,530/mo
Lowest payment- Down payment
- $112,950
- Funds due
- $123,242
- Interest + MI left
- $100,813
- First ends
- Oct 2050
Assumption
Assumption + second
$2,198/mo
+$668/mo- Down payment
- $29,950
- Funds due
- $41,676
- Interest + MI left
- $258,234
- First ends
- Oct 2050
New loan
New conventional
$2,339/mo
+$809/mo- Down payment
- $29,950
- Funds due
- $38,480
- Interest + MI left
- $393,396
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $186,050 | $186,050 | $269,050 |
| Second mortgage | — | $83,000 | — |
| First P&I | $914.23 | $914.23 | $1,822.64 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | $153.01 | $153.01 | $53.81 |
| Taxes, insurance & HOA | $462.58 | $462.58 | $462.58 |
| Total housing payment | $1,529.82 | $2,197.66 | $2,339.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,950
Closing costs & prepaids$11,726
Usable credit−$0
Total buyer cash needed$41,676
Earnest money paid−$0
Remaining funds due$41,676
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$358.75
Initial HOA (3 months)$579.00
Prepaid interest, first (9 days)$139.00
Prepaid interest, second (9 days)$184.19
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 3.03%
Interest already paid$37,688Through Dec 2026
Assumption only · ends Oct 2050$100,813
Assumption + second · ends Oct 2050, second Jan 2057$258,234
New conventional · ends Jan 2057$393,396