Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,598/mo
Lowest payment- Down payment
- $77,661
- Funds due
- $87,852
- Interest + MI left
- $93,131
- First ends
- Oct 2050
Assumption
Assumption + second
$2,008/mo
+$410/mo- Down payment
- $26,661
- Funds due
- $38,190
- Interest + MI left
- $189,859
- First ends
- Oct 2050
New loan
New conventional
$2,189/mo
+$591/mo- Down payment
- $26,661
- Funds due
- $35,004
- Interest + MI left
- $336,555
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,239 | $179,239 | $230,239 |
| Second mortgage | — | $51,000 | — |
| First P&I | $866.94 | $866.94 | $1,559.72 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | $147.91 | $147.91 | $46.05 |
| Taxes, insurance & HOA | $582.75 | $582.75 | $582.75 |
| Total housing payment | $1,597.60 | $2,007.96 | $2,188.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,661
Closing costs & prepaids$11,529
Usable credit−$0
Total buyer cash needed$38,190
Earnest money paid−$0
Remaining funds due$38,190
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,569.00
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)$308.25
Initial HOA (3 months)$990.00
Prepaid interest, first (7 days)$99.00
Prepaid interest, second (7 days)$88.03
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 2.88%
Interest already paid$34,573Through Dec 2026
Assumption only · ends Oct 2050$93,131
Assumption + second · ends Oct 2050, second Jan 2057$189,859
New conventional · ends Jan 2057$336,555