Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,372/mo
Lowest payment- Down payment
- $128,305
- Funds due
- $138,294
- Interest + MI left
- $98,689
- First ends
- Jul 2050
Assumption
Assumption + second
$2,160/mo
+$789/mo- Down payment
- $30,305
- Funds due
- $41,761
- Interest + MI left
- $284,560
- First ends
- Jul 2050
New loan
New conventional
$2,236/mo
+$864/mo- Down payment
- $30,305
- Funds due
- $38,527
- Interest + MI left
- $392,877
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $170,695 | $170,695 | $268,695 |
| Second mortgage | — | $98,000 | — |
| First P&I | $869.69 | $869.69 | $1,820.23 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | $140.48 | $140.48 | $53.74 |
| Taxes, insurance & HOA | $361.58 | $361.58 | $361.58 |
| Total housing payment | $1,371.76 | $2,160.29 | $2,235.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,305
Closing costs & prepaids$11,457
Usable credit−$0
Total buyer cash needed$41,761
Earnest money paid−$0
Remaining funds due$41,761
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$358.75
Initial HOA (3 months)$276.00
Prepaid interest, first (9 days)$139.32
Prepaid interest, second (9 days)$217.48
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 7 moOf the original 30-year loan at 3.31%
Interest already paid$39,331Through Dec 2026
Assumption only · ends Jul 2050$98,689
Assumption + second · ends Jul 2050, second Jan 2057$284,560
New conventional · ends Jan 2057$392,877