Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,164/mo
Lowest payment- Down payment
- $77,609
- Funds due
- $86,851
- Interest + MI left
- $66,997
- First ends
- Jun 2050
Assumption
Assumption + second
$1,631/mo
+$467/mo- Down payment
- $19,609
- Funds due
- $30,229
- Interest + MI left
- $177,002
- First ends
- Jun 2050
New loan
New conventional
$1,678/mo
+$514/mo- Down payment
- $19,609
- Funds due
- $27,060
- Interest + MI left
- $248,779
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $112,191 | $112,191 | $170,191 |
| Second mortgage | — | $58,000 | — |
| First P&I | $581.21 | $581.21 | $1,152.93 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $92.25 | $92.25 | $34.04 |
| Taxes, insurance & HOA | $490.92 | $490.92 | $490.92 |
| Total housing payment | $1,164.38 | $1,631.06 | $1,677.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,609
Closing costs & prepaids$10,620
Usable credit−$0
Total buyer cash needed$30,229
Earnest money paid−$0
Remaining funds due$30,229
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,898.00
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)$227.75
Initial HOA (3 months)$795.00
Prepaid interest, first (9 days)$95.44
Prepaid interest, second (9 days)$128.71
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 6 moOf the original 30-year loan at 3.45%
Interest already paid$27,284Through Dec 2026
Assumption only · ends Jun 2050$66,997
Assumption + second · ends Jun 2050, second Jan 2057$177,002
New conventional · ends Jan 2057$248,779