Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,392/mo
Lowest payment- Down payment
- $126,519
- Funds due
- $136,494
- Interest + MI left
- $103,538
- First ends
- Jun 2050
Assumption
Assumption + second
$2,164/mo
+$772/mo- Down payment
- $30,519
- Funds due
- $41,957
- Interest + MI left
- $285,615
- First ends
- Jun 2050
New loan
New conventional
$2,230/mo
+$838/mo- Down payment
- $30,519
- Funds due
- $38,718
- Interest + MI left
- $393,826
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,381 | $173,381 | $269,381 |
| Second mortgage | — | $96,000 | — |
| First P&I | $898.21 | $898.21 | $1,824.88 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | $142.57 | $142.57 | $53.88 |
| Taxes, insurance & HOA | $351.00 | $351.00 | $351.00 |
| Total housing payment | $1,391.78 | $2,164.22 | $2,229.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,519
Closing costs & prepaids$11,438
Usable credit−$0
Total buyer cash needed$41,957
Earnest money paid−$0
Remaining funds due$41,957
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$360.00
Initial HOA (3 months)$243.00
Prepaid interest, first (9 days)$147.49
Prepaid interest, second (9 days)$213.04
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 6 moOf the original 30-year loan at 3.45%
Interest already paid$42,165Through Dec 2026
Assumption only · ends Jun 2050$103,538
Assumption + second · ends Jun 2050, second Jan 2057$285,615
New conventional · ends Jan 2057$393,826