Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,430/mo
Lowest payment- Down payment
- $145,348
- Funds due
- $155,755
- Interest + MI left
- $91,906
- First ends
- May 2050
Assumption
Assumption + second
$2,273/mo
+$844/mo- Down payment
- $30,348
- Funds due
- $42,232
- Interest + MI left
- $280,684
- First ends
- May 2050
New loan
New conventional
$2,377/mo
+$948/mo- Down payment
- $30,348
- Funds due
- $38,996
- Interest + MI left
- $392,760
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $153,652 | $153,652 | $268,652 |
| Second mortgage | — | $115,000 | — |
| First P&I | $799.47 | $799.47 | $1,819.94 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | $126.58 | $126.58 | $53.73 |
| Taxes, insurance & HOA | $503.58 | $503.58 | $503.58 |
| Total housing payment | $1,429.63 | $2,273.46 | $2,377.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,348
Closing costs & prepaids$11,884
Usable credit−$0
Total buyer cash needed$42,232
Earnest money paid−$0
Remaining funds due$42,232
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$358.75
Initial HOA (3 months)$702.00
Prepaid interest, first (9 days)$131.47
Prepaid interest, second (9 days)$226.85
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 5 moOf the original 30-year loan at 3.47%
Interest already paid$38,107Through Dec 2026
Assumption only · ends May 2050$91,906
Assumption + second · ends May 2050, second Jan 2057$280,684
New conventional · ends Jan 2057$392,760