Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,468/mo
Lowest payment- Down payment
- $139,792
- Funds due
- $150,110
- Interest + MI left
- $105,484
- First ends
- Oct 2050
Assumption
Assumption + second
$2,246/mo
+$778/mo- Down payment
- $33,792
- Funds due
- $45,569
- Interest + MI left
- $279,489
- First ends
- Oct 2050
New loan
New conventional
$2,450/mo
+$982/mo- Down payment
- $33,792
- Funds due
- $42,359
- Interest + MI left
- $440,416
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $195,208 | $195,208 | $301,208 |
| Second mortgage | — | $106,000 | — |
| First P&I | $958.22 | $958.22 | $2,040.49 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | $160.58 | $160.58 | $60.24 |
| Taxes, insurance & HOA | $349.00 | $349.00 | $349.00 |
| Total housing payment | $1,467.80 | $2,245.59 | $2,449.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,792
Closing costs & prepaids$11,776
Usable credit−$0
Total buyer cash needed$45,569
Earnest money paid−$0
Remaining funds due$45,569
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$402.00
Initial HOA (3 months)$195.00
Prepaid interest, first (9 days)$145.36
Prepaid interest, second (9 days)$209.10
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 10 moOf the original 30-year loan at 3.02%
Interest already paid$39,417Through Dec 2026
Assumption only · ends Oct 2050$105,484
Assumption + second · ends Oct 2050, second Jan 2057$279,489
New conventional · ends Jan 2057$440,416