Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,681/mo
Lowest payment- Down payment
- $105,719
- Funds due
- $116,116
- Interest + MI left
- $118,325
- First ends
- Aug 2050
Assumption
Assumption + second
$2,269/mo
+$587/mo- Down payment
- $32,719
- Funds due
- $44,474
- Interest + MI left
- $256,780
- First ends
- Aug 2050
New loan
New conventional
$2,435/mo
+$754/mo- Down payment
- $32,719
- Funds due
- $41,216
- Interest + MI left
- $417,764
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,755 | $212,755 | $285,755 |
| Second mortgage | — | $73,000 | — |
| First P&I | $1,063.70 | $1,063.70 | $1,935.80 |
| Second P&I | — | $587.37 | — |
| Mortgage insurance | $175.33 | $175.33 | $57.15 |
| Taxes, insurance & HOA | $442.42 | $442.42 | $442.42 |
| Total housing payment | $1,681.44 | $2,268.82 | $2,435.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,719
Closing costs & prepaids$11,755
Usable credit−$0
Total buyer cash needed$44,474
Earnest money paid−$0
Remaining funds due$44,474
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,184.74
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)$382.25
Initial HOA (3 months)$495.00
Prepaid interest, first (6 days)$110.17
Prepaid interest, second (6 days)$108.00
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 8 moOf the original 30-year loan at 3.15%
Interest already paid$46,073Through Dec 2026
Assumption only · ends Aug 2050$118,325
Assumption + second · ends Aug 2050, second Jan 2057$256,780
New conventional · ends Jan 2057$417,764