Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,141/mo
Lowest payment- Down payment
- $34,487
- Funds due
- $43,123
- Interest + MI left
- $75,848
- First ends
- Aug 2050
Assumption
Assumption + second
$1,406/mo
+$265/mo- Down payment
- $8,487
- Funds due
- $18,449
- Interest + MI left
- $145,227
- First ends
- Aug 2050
New loan
New conventional
$1,471/mo
+$330/mo- Down payment
- $8,487
- Funds due
- $15,414
- Interest + MI left
- $234,096
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $133,513 | $133,513 | $159,513 |
| Second mortgage | — | $26,000 | — |
| First P&I | $673.08 | $673.08 | $1,080.60 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | $109.83 | $109.83 | $31.90 |
| Taxes, insurance & HOA | $358.17 | $358.17 | $358.17 |
| Total housing payment | $1,141.07 | $1,406.01 | $1,470.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,487
Closing costs & prepaids$9,962
Usable credit−$0
Total buyer cash needed$18,449
Earnest money paid−$0
Remaining funds due$18,449
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,680.00
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)$201.50
Initial HOA (3 months)$423.00
Prepaid interest, first (9 days)$106.33
Prepaid interest, second (9 days)$76.13
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 8 moOf the original 30-year loan at 3.23%
Interest already paid$29,619Through Dec 2026
Assumption only · ends Aug 2050$75,848
Assumption + second · ends Aug 2050, second Jan 2057$145,227
New conventional · ends Jan 2057$234,096