Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,232/mo
Lowest payment- Down payment
- $86,753
- Funds due
- $96,189
- Interest + MI left
- $74,666
- First ends
- Mar 2050
Assumption
Assumption + second
$1,763/mo
+$531/mo- Down payment
- $20,753
- Funds due
- $31,586
- Interest + MI left
- $199,844
- First ends
- Mar 2050
New loan
New conventional
$1,786/mo
+$554/mo- Down payment
- $20,753
- Funds due
- $28,400
- Interest + MI left
- $269,400
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $118,247 | $118,247 | $184,247 |
| Second mortgage | — | $66,000 | — |
| First P&I | $633.82 | $633.82 | $1,248.15 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | $97.30 | $97.30 | $36.85 |
| Taxes, insurance & HOA | $501.00 | $501.00 | $501.00 |
| Total housing payment | $1,232.12 | $1,763.17 | $1,786.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,753
Closing costs & prepaids$10,833
Usable credit−$0
Total buyer cash needed$31,586
Earnest money paid−$0
Remaining funds due$31,586
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,050.00
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)$246.00
Initial HOA (3 months)$807.00
Prepaid interest, first (9 days)$108.46
Prepaid interest, second (9 days)$146.47
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 3 moOf the original 30-year loan at 3.72%
Interest already paid$32,222Through Dec 2026
Assumption only · ends Mar 2050$74,666
Assumption + second · ends Mar 2050, second Jan 2057$199,844
New conventional · ends Jan 2057$269,400