Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,319/mo
Lowest payment- Down payment
- $103,246
- Funds due
- $112,872
- Interest + MI left
- $95,268
- First ends
- Sep 2050
Assumption
Assumption + second
$1,922/mo
+$603/mo- Down payment
- $28,246
- Funds due
- $39,288
- Interest + MI left
- $237,516
- First ends
- Sep 2050
New loan
New conventional
$2,043/mo
+$725/mo- Down payment
- $28,246
- Funds due
- $36,093
- Interest + MI left
- $360,600
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $171,654 | $171,654 | $246,654 |
| Second mortgage | — | $75,000 | — |
| First P&I | $854.39 | $854.39 | $1,670.92 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | $141.19 | $141.19 | $49.33 |
| Taxes, insurance & HOA | $323.00 | $323.00 | $323.00 |
| Total housing payment | $1,318.58 | $1,922.05 | $2,043.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,246
Closing costs & prepaids$11,042
Usable credit−$0
Total buyer cash needed$39,288
Earnest money paid−$0
Remaining funds due$39,288
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)$189.00
Prepaid interest, first (9 days)$132.48
Prepaid interest, second (9 days)$166.44
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 9 moOf the original 30-year loan at 3.13%
Interest already paid$36,410Through Dec 2026
Assumption only · ends Sep 2050$95,268
Assumption + second · ends Sep 2050, second Jan 2057$237,516
New conventional · ends Jan 2057$360,600