Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,448/mo
Lowest payment- Down payment
- $113,392
- Funds due
- $123,397
- Interest + MI left
- $103,727
- First ends
- Aug 2050
Assumption
Assumption + second
$2,116/mo
+$668/mo- Down payment
- $30,392
- Funds due
- $41,831
- Interest + MI left
- $261,149
- First ends
- Aug 2050
New loan
New conventional
$2,242/mo
+$793/mo- Down payment
- $30,392
- Funds due
- $38,625
- Interest + MI left
- $394,065
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $186,508 | $186,508 | $269,508 |
| Second mortgage | — | $83,000 | — |
| First P&I | $932.47 | $932.47 | $1,825.74 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | $153.70 | $153.70 | $53.90 |
| Taxes, insurance & HOA | $362.00 | $362.00 | $362.00 |
| Total housing payment | $1,448.17 | $2,116.00 | $2,241.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,392
Closing costs & prepaids$11,439
Usable credit−$0
Total buyer cash needed$41,831
Earnest money paid−$0
Remaining funds due$41,831
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$360.00
Initial HOA (3 months)$276.00
Prepaid interest, first (9 days)$144.86
Prepaid interest, second (9 days)$184.19
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 8 moOf the original 30-year loan at 3.15%
Interest already paid$40,389Through Dec 2026
Assumption only · ends Aug 2050$103,727
Assumption + second · ends Aug 2050, second Jan 2057$261,149
New conventional · ends Jan 2057$394,065