Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,654/mo
Lowest payment- Down payment
- $66,100
- Funds due
- $76,245
- Interest + MI left
- $100,899
- First ends
- Sep 2050
Assumption
Assumption + second
$1,983/mo
+$330/mo- Down payment
- $25,100
- Funds due
- $36,555
- Interest + MI left
- $178,661
- First ends
- Sep 2050
New loan
New conventional
$2,153/mo
+$499/mo- Down payment
- $25,100
- Funds due
- $33,363
- Interest + MI left
- $325,770
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $181,800 | $181,800 | $222,800 |
| Second mortgage | — | $41,000 | — |
| First P&I | $904.90 | $904.90 | $1,509.32 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $149.53 | $149.53 | $44.56 |
| Taxes, insurance & HOA | $599.17 | $599.17 | $599.17 |
| Total housing payment | $1,653.60 | $1,983.49 | $2,153.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,100
Closing costs & prepaids$11,456
Usable credit−$0
Total buyer cash needed$36,555
Earnest money paid−$0
Remaining funds due$36,555
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,479.00
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)$297.50
Initial HOA (3 months)$1,050.00
Prepaid interest, first (6 days)$93.54
Prepaid interest, second (6 days)$60.66
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 9 moOf the original 30-year loan at 3.13%
Interest already paid$38,563Through Dec 2026
Assumption only · ends Sep 2050$100,899
Assumption + second · ends Sep 2050, second Jan 2057$178,661
New conventional · ends Jan 2057$325,770