Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,404/mo
Lowest payment- Down payment
- $60,107
- Funds due
- $69,424
- Interest + MI left
- $105,610
- First ends
- Aug 2050
Assumption
Assumption + second
$1,685/mo
+$282/mo- Down payment
- $25,107
- Funds due
- $35,752
- Interest + MI left
- $171,992
- First ends
- Aug 2050
New loan
New conventional
$1,866/mo
+$463/mo- Down payment
- $25,107
- Funds due
- $32,623
- Interest + MI left
- $328,831
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,893 | $189,893 | $224,893 |
| Second mortgage | — | $35,000 | — |
| First P&I | $949.39 | $949.39 | $1,523.50 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $156.49 | $156.49 | $44.98 |
| Taxes, insurance & HOA | $298.00 | $298.00 | $298.00 |
| Total housing payment | $1,403.88 | $1,685.50 | $1,866.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,107
Closing costs & prepaids$10,644
Usable credit−$0
Total buyer cash needed$35,752
Earnest money paid−$0
Remaining funds due$35,752
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)$144.00
Prepaid interest, first (9 days)$147.49
Prepaid interest, second (9 days)$77.67
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$41,122Through Dec 2026
Assumption only · ends Aug 2050$105,610
Assumption + second · ends Aug 2050, second Jan 2057$171,992
New conventional · ends Jan 2057$328,831