Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,695/mo
Lowest payment- Down payment
- $141,406
- Funds due
- $152,324
- Interest + MI left
- $108,331
- First ends
- Oct 2050
Assumption
Assumption + second
$2,473/mo
+$778/mo- Down payment
- $35,406
- Funds due
- $47,714
- Interest + MI left
- $282,335
- First ends
- Oct 2050
New loan
New conventional
$2,708/mo
+$1,013/mo- Down payment
- $35,406
- Funds due
- $44,442
- Interest + MI left
- $459,842
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $208,494 | $208,494 | $314,494 |
| Second mortgage | — | $106,000 | — |
| First P&I | $1,008.43 | $1,008.43 | $2,130.49 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | $172.06 | $172.06 | $62.90 |
| Taxes, insurance & HOA | $515.00 | $515.00 | $515.00 |
| Total housing payment | $1,695.49 | $2,473.28 | $2,708.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,406
Closing costs & prepaids$12,307
Usable credit−$0
Total buyer cash needed$47,714
Earnest money paid−$0
Remaining funds due$47,714
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$420.00
Initial HOA (3 months)$675.00
Prepaid interest, first (6 days)$98.71
Prepaid interest, second (6 days)$139.40
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 10 moOf the original 30-year loan at 2.88%
Interest already paid$40,215Through Dec 2026
Assumption only · ends Oct 2050$108,331
Assumption + second · ends Oct 2050, second Jan 2057$282,335
New conventional · ends Jan 2057$459,842