Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,016/mo
Lowest payment- Down payment
- $78,601
- Funds due
- $87,604
- Interest + MI left
- $50,321
- First ends
- Oct 2050
Assumption
Assumption + second
$1,507/mo
+$491/mo- Down payment
- $17,601
- Funds due
- $27,989
- Interest + MI left
- $166,016
- First ends
- Oct 2050
New loan
New conventional
$1,567/mo
+$551/mo- Down payment
- $17,601
- Funds due
- $24,837
- Interest + MI left
- $229,997
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $96,299 | $96,299 | $157,299 |
| Second mortgage | — | $61,000 | — |
| First P&I | $466.76 | $466.76 | $1,065.60 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | $79.43 | $79.43 | $31.46 |
| Taxes, insurance & HOA | $470.00 | $470.00 | $470.00 |
| Total housing payment | $1,016.19 | $1,507.01 | $1,567.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,601
Closing costs & prepaids$10,388
Usable credit−$0
Total buyer cash needed$27,989
Earnest money paid−$0
Remaining funds due$27,989
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,749.00
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)$210.00
Initial HOA (3 months)$750.00
Prepaid interest, first (9 days)$68.86
Prepaid interest, second (9 days)$135.37
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 2.9%
Interest already paid$18,699Through Dec 2026
Assumption only · ends Oct 2050$50,321
Assumption + second · ends Oct 2050, second Jan 2057$166,016
New conventional · ends Jan 2057$229,997