Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,405/mo
Lowest payment- Down payment
- $115,043
- Funds due
- $125,038
- Interest + MI left
- $95,462
- First ends
- Jun 2050
Assumption
Assumption + second
$2,105/mo
+$700/mo- Down payment
- $28,043
- Funds due
- $39,482
- Interest + MI left
- $260,470
- First ends
- Jun 2050
New loan
New conventional
$2,167/mo
+$762/mo- Down payment
- $28,043
- Funds due
- $36,259
- Interest + MI left
- $360,896
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $159,857 | $159,857 | $246,857 |
| Second mortgage | — | $87,000 | — |
| First P&I | $828.15 | $828.15 | $1,672.30 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $131.45 | $131.45 | $49.37 |
| Taxes, insurance & HOA | $445.00 | $445.00 | $445.00 |
| Total housing payment | $1,404.60 | $2,104.62 | $2,166.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,043
Closing costs & prepaids$11,438
Usable credit−$0
Total buyer cash needed$39,482
Earnest money paid−$0
Remaining funds due$39,482
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,749.00
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)$330.00
Initial HOA (3 months)$555.00
Prepaid interest, first (9 days)$135.99
Prepaid interest, second (9 days)$193.07
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$38,876Through Dec 2026
Assumption only · ends Jun 2050$95,462
Assumption + second · ends Jun 2050, second Jan 2057$260,470
New conventional · ends Jan 2057$360,896