Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,062/mo
Lowest payment- Down payment
- $73,812
- Funds due
- $82,740
- Interest + MI left
- $63,218
- First ends
- Feb 2050
Assumption
Assumption + second
$1,513/mo
+$451/mo- Down payment
- $17,812
- Funds due
- $28,114
- Interest + MI left
- $169,430
- First ends
- Feb 2050
New loan
New conventional
$1,533/mo
+$471/mo- Down payment
- $17,812
- Funds due
- $24,948
- Interest + MI left
- $229,803
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $101,188 | $101,188 | $157,188 |
| Second mortgage | — | $56,000 | — |
| First P&I | $541.99 | $541.99 | $1,064.85 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $83.51 | $83.51 | $31.44 |
| Taxes, insurance & HOA | $437.00 | $437.00 | $437.00 |
| Total housing payment | $1,062.50 | $1,513.09 | $1,533.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,812
Closing costs & prepaids$10,302
Usable credit−$0
Total buyer cash needed$28,114
Earnest money paid−$0
Remaining funds due$28,114
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,750.00
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)$210.00
Initial HOA (3 months)$651.00
Prepaid interest, first (9 days)$92.07
Prepaid interest, second (9 days)$124.27
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 2 moOf the original 30-year loan at 3.69%
Interest already paid$27,735Through Dec 2026
Assumption only · ends Feb 2050$63,218
Assumption + second · ends Feb 2050, second Jan 2057$169,430
New conventional · ends Jan 2057$229,803