Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,572/mo
Lowest payment- Down payment
- $117,246
- Funds due
- $127,708
- Interest + MI left
- $99,032
- First ends
- Jun 2050
Assumption
Assumption + second
$2,280/mo
+$708/mo- Down payment
- $29,246
- Funds due
- $41,153
- Interest + MI left
- $265,936
- First ends
- Jun 2050
New loan
New conventional
$2,368/mo
+$796/mo- Down payment
- $29,246
- Funds due
- $37,937
- Interest + MI left
- $381,265
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $172,754 | $172,754 | $260,754 |
| Second mortgage | — | $88,000 | — |
| First P&I | $880.43 | $880.43 | $1,766.44 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | $142.58 | $142.58 | $52.15 |
| Taxes, insurance & HOA | $549.00 | $549.00 | $549.00 |
| Total housing payment | $1,572.01 | $2,280.08 | $2,367.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,246
Closing costs & prepaids$11,907
Usable credit−$0
Total buyer cash needed$41,153
Earnest money paid−$0
Remaining funds due$41,153
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$348.00
Initial HOA (3 months)$849.00
Prepaid interest, first (9 days)$140.14
Prepaid interest, second (9 days)$195.29
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 3.29%
Interest already paid$40,142Through Dec 2026
Assumption only · ends Jun 2050$99,032
Assumption + second · ends Jun 2050, second Jan 2057$265,936
New conventional · ends Jan 2057$381,265