Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,794/mo
Lowest payment- Down payment
- $132,442
- Funds due
- $143,432
- Interest + MI left
- $118,091
- First ends
- Oct 2050
Assumption
Assumption + second
$2,558/mo
+$764/mo- Down payment
- $37,442
- Funds due
- $49,822
- Interest + MI left
- $298,272
- First ends
- Oct 2050
New loan
New conventional
$2,771/mo
+$977/mo- Down payment
- $37,442
- Funds due
- $46,537
- Interest + MI left
- $478,878
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $232,558 | $232,558 | $327,558 |
| Second mortgage | — | $95,000 | — |
| First P&I | $1,115.33 | $1,115.33 | $2,218.99 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | $192.27 | $192.27 | $65.51 |
| Taxes, insurance & HOA | $486.00 | $486.00 | $486.00 |
| Total housing payment | $1,793.60 | $2,557.99 | $2,770.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,442
Closing costs & prepaids$12,381
Usable credit−$0
Total buyer cash needed$49,822
Earnest money paid−$0
Remaining funds due$49,822
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$438.00
Initial HOA (3 months)$570.00
Prepaid interest, first (6 days)$107.04
Prepaid interest, second (6 days)$140.55
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 2.8%
Interest already paid$43,654Through Dec 2026
Assumption only · ends Oct 2050$118,091
Assumption + second · ends Oct 2050, second Jan 2057$298,272
New conventional · ends Jan 2057$478,878