Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,587/mo
Lowest payment- Down payment
- $49,858
- Funds due
- $59,729
- Interest + MI left
- $94,567
- First ends
- Jul 2050
Assumption
Assumption + second
$1,813/mo
+$225/mo- Down payment
- $21,858
- Funds due
- $33,028
- Interest + MI left
- $147,673
- First ends
- Jul 2050
New loan
New conventional
$1,955/mo
+$368/mo- Down payment
- $21,858
- Funds due
- $29,870
- Interest + MI left
- $280,061
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $163,565 | $163,565 | $191,565 |
| Second mortgage | — | $28,000 | — |
| First P&I | $833.36 | $833.36 | $1,297.73 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | $134.62 | $134.62 | $38.31 |
| Taxes, insurance & HOA | $619.33 | $619.33 | $619.33 |
| Total housing payment | $1,587.31 | $1,812.61 | $1,955.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,858
Closing costs & prepaids$11,169
Usable credit−$0
Total buyer cash needed$33,028
Earnest money paid−$0
Remaining funds due$33,028
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,134.23
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)$256.00
Initial HOA (3 months)$1,152.00
Prepaid interest, first (7 days)$103.83
Prepaid interest, second (7 days)$48.33
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 7 moOf the original 30-year loan at 3.31%
Interest already paid$37,688Through Dec 2026
Assumption only · ends Jul 2050$94,567
Assumption + second · ends Jul 2050, second Jan 2057$147,673
New conventional · ends Jan 2057$280,061