Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,532/mo
Lowest payment- Down payment
- $80,194
- Funds due
- $90,319
- Interest + MI left
- $85,890
- First ends
- Apr 2050
Assumption
Assumption + second
$1,991/mo
+$459/mo- Down payment
- $23,194
- Funds due
- $34,696
- Interest + MI left
- $193,998
- First ends
- Apr 2050
New loan
New conventional
$2,066/mo
+$534/mo- Down payment
- $23,194
- Funds due
- $31,521
- Interest + MI left
- $295,033
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $144,806 | $144,806 | $201,806 |
| Second mortgage | — | $57,000 | — |
| First P&I | $753.66 | $753.66 | $1,367.10 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | $119.63 | $119.63 | $40.36 |
| Taxes, insurance & HOA | $659.00 | $659.00 | $659.00 |
| Total housing payment | $1,532.28 | $1,990.92 | $2,066.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,194
Closing costs & prepaids$11,502
Usable credit−$0
Total buyer cash needed$34,696
Earnest money paid−$0
Remaining funds due$34,696
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$270.00
Initial HOA (3 months)$1,257.00
Prepaid interest, first (9 days)$123.18
Prepaid interest, second (9 days)$126.49
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 4 moOf the original 30-year loan at 3.45%
Interest already paid$36,215Through Dec 2026
Assumption only · ends Apr 2050$85,890
Assumption + second · ends Apr 2050, second Jan 2057$193,998
New conventional · ends Jan 2057$295,033