Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,425/mo
Lowest payment- Down payment
- $163,365
- Funds due
- $173,941
- Interest + MI left
- $92,746
- First ends
- Oct 2050
Assumption
Assumption + second
$2,371/mo
+$947/mo- Down payment
- $34,365
- Funds due
- $46,446
- Interest + MI left
- $304,506
- First ends
- Oct 2050
New loan
New conventional
$2,538/mo
+$1,113/mo- Down payment
- $34,365
- Funds due
- $43,202
- Interest + MI left
- $439,518
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $171,635 | $171,635 | $300,635 |
| Second mortgage | — | $129,000 | — |
| First P&I | $842.51 | $842.51 | $2,036.61 |
| Second P&I | — | $946.56 | — |
| Mortgage insurance | $141.19 | $141.19 | $60.13 |
| Taxes, insurance & HOA | $441.00 | $441.00 | $441.00 |
| Total housing payment | $1,424.69 | $2,371.25 | $2,537.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,365
Closing costs & prepaids$12,080
Usable credit−$0
Total buyer cash needed$46,446
Earnest money paid−$0
Remaining funds due$46,446
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)$471.00
Prepaid interest, first (9 days)$127.81
Prepaid interest, second (9 days)$254.47
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 10 moOf the original 30-year loan at 3.02%
Interest already paid$34,657Through Dec 2026
Assumption only · ends Oct 2050$92,746
Assumption + second · ends Oct 2050, second Jan 2057$304,506
New conventional · ends Jan 2057$439,518