Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,575/mo
Lowest payment- Down payment
- $68,530
- Funds due
- $78,615
- Interest + MI left
- $89,955
- First ends
- Oct 2050
Assumption
Assumption + second
$1,937/mo
+$362/mo- Down payment
- $23,530
- Funds due
- $34,942
- Interest + MI left
- $175,304
- First ends
- Oct 2050
New loan
New conventional
$2,096/mo
+$521/mo- Down payment
- $23,530
- Funds due
- $31,774
- Interest + MI left
- $309,204
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,470 | $166,470 | $211,470 |
| Second mortgage | — | $45,000 | — |
| First P&I | $817.15 | $817.15 | $1,432.57 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | $136.94 | $136.94 | $42.29 |
| Taxes, insurance & HOA | $621.00 | $621.00 | $621.00 |
| Total housing payment | $1,575.09 | $1,937.17 | $2,095.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,530
Closing costs & prepaids$11,412
Usable credit−$0
Total buyer cash needed$34,942
Earnest money paid−$0
Remaining funds due$34,942
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,350.00
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)$282.00
Initial HOA (3 months)$1,131.00
Prepaid interest, first (7 days)$96.42
Prepaid interest, second (7 days)$77.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 3.02%
Interest already paid$33,614Through Dec 2026
Assumption only · ends Oct 2050$89,955
Assumption + second · ends Oct 2050, second Jan 2057$175,304
New conventional · ends Jan 2057$309,204