Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,657/mo
Lowest payment- Down payment
- $113,973
- Funds due
- $124,395
- Interest + MI left
- $113,609
- First ends
- Jan 2050
Assumption
Assumption + second
$2,325/mo
+$668/mo- Down payment
- $30,973
- Funds due
- $42,768
- Interest + MI left
- $271,031
- First ends
- Jan 2050
New loan
New conventional
$2,388/mo
+$731/mo- Down payment
- $30,973
- Funds due
- $39,492
- Interest + MI left
- $393,253
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $186,026 | $186,026 | $269,026 |
| Second mortgage | — | $83,000 | — |
| First P&I | $990.76 | $990.76 | $1,822.48 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | $154.17 | $154.17 | $53.81 |
| Taxes, insurance & HOA | $512.00 | $512.00 | $512.00 |
| Total housing payment | $1,656.93 | $2,324.76 | $2,388.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,973
Closing costs & prepaids$11,794
Usable credit−$0
Total buyer cash needed$42,768
Earnest money paid−$0
Remaining funds due$42,768
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.99
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)$360.00
Initial HOA (3 months)$726.00
Prepaid interest, first (6 days)$110.39
Prepaid interest, second (6 days)$122.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 1 moOf the original 30-year loan at 3.61%
Interest already paid$50,609Through Dec 2026
Assumption only · ends Jan 2050$113,609
Assumption + second · ends Jan 2050, second Jan 2057$271,031
New conventional · ends Jan 2057$393,253