Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,364/mo
Lowest payment- Down payment
- $79,316
- Funds due
- $88,728
- Interest + MI left
- $102,511
- First ends
- Apr 2050
Assumption
Assumption + second
$1,798/mo
+$434/mo- Down payment
- $25,316
- Funds due
- $36,098
- Interest + MI left
- $204,929
- First ends
- Apr 2050
New loan
New conventional
$1,897/mo
+$533/mo- Down payment
- $25,316
- Funds due
- $32,926
- Interest + MI left
- $328,525
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $170,684 | $170,684 | $224,684 |
| Second mortgage | — | $54,000 | — |
| First P&I | $892.85 | $892.85 | $1,522.09 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | $140.84 | $140.84 | $44.94 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $1,363.69 | $1,798.19 | $1,897.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,316
Closing costs & prepaids$10,782
Usable credit−$0
Total buyer cash needed$36,098
Earnest money paid−$0
Remaining funds due$36,098
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$300.00
Initial HOA (3 months)$240.00
Prepaid interest, first (9 days)$147.30
Prepaid interest, second (9 days)$119.84
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 4 moOf the original 30-year loan at 3.5%
Interest already paid$43,279Through Dec 2026
Assumption only · ends Apr 2050$102,511
Assumption + second · ends Apr 2050, second Jan 2057$204,929
New conventional · ends Jan 2057$328,525