Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,515/mo
Lowest payment- Down payment
- $131,950
- Funds due
- $142,394
- Interest + MI left
- $96,845
- First ends
- Jan 2050
Assumption
Assumption + second
$2,271/mo
+$756/mo- Down payment
- $28,950
- Funds due
- $40,847
- Interest + MI left
- $265,925
- First ends
- Jan 2050
New loan
New conventional
$2,354/mo
+$839/mo- Down payment
- $28,950
- Funds due
- $37,621
- Interest + MI left
- $378,043
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $155,550 | $155,550 | $258,550 |
| Second mortgage | — | $103,000 | — |
| First P&I | $835.07 | $835.07 | $1,751.51 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | $128.67 | $128.67 | $51.71 |
| Taxes, insurance & HOA | $551.00 | $551.00 | $551.00 |
| Total housing payment | $1,514.74 | $2,270.52 | $2,354.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,950
Closing costs & prepaids$11,898
Usable credit−$0
Total buyer cash needed$40,847
Earnest money paid−$0
Remaining funds due$40,847
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,875.00
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)$345.00
Initial HOA (3 months)$858.00
Prepaid interest, first (9 days)$141.53
Prepaid interest, second (9 days)$203.18
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 1 moOf the original 30-year loan at 3.69%
Interest already paid$43,212Through Dec 2026
Assumption only · ends Jan 2050$96,845
Assumption + second · ends Jan 2050, second Jan 2057$265,925
New conventional · ends Jan 2057$378,043