Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,440/mo
Lowest payment- Down payment
- $163,918
- Funds due
- $174,526
- Interest + MI left
- $94,047
- First ends
- Oct 2050
Assumption
Assumption + second
$2,387/mo
+$947/mo- Down payment
- $34,918
- Funds due
- $47,031
- Interest + MI left
- $305,807
- First ends
- Oct 2050
New loan
New conventional
$2,562/mo
+$1,122/mo- Down payment
- $34,918
- Funds due
- $43,788
- Interest + MI left
- $445,873
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,982 | $175,982 | $304,982 |
| Second mortgage | — | $129,000 | — |
| First P&I | $860.22 | $860.22 | $2,066.05 |
| Second P&I | — | $946.56 | — |
| Mortgage insurance | $144.89 | $144.89 | $61.00 |
| Taxes, insurance & HOA | $435.00 | $435.00 | $435.00 |
| Total housing payment | $1,440.11 | $2,386.67 | $2,562.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,918
Closing costs & prepaids$12,113
Usable credit−$0
Total buyer cash needed$47,031
Earnest money paid−$0
Remaining funds due$47,031
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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)$408.00
Initial HOA (3 months)$447.00
Prepaid interest, first (9 days)$129.31
Prepaid interest, second (9 days)$254.47
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 10 moOf the original 30-year loan at 2.98%
Interest already paid$35,081Through Dec 2026
Assumption only · ends Oct 2050$94,047
Assumption + second · ends Oct 2050, second Jan 2057$305,807
New conventional · ends Jan 2057$445,873