Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,394/mo
Lowest payment- Down payment
- $113,850
- Funds due
- $123,878
- Interest + MI left
- $89,362
- First ends
- Jun 2050
Assumption
Assumption + second
$2,094/mo
+$700/mo- Down payment
- $26,850
- Funds due
- $38,321
- Interest + MI left
- $254,370
- First ends
- Jun 2050
New loan
New conventional
$2,142/mo
+$748/mo- Down payment
- $26,850
- Funds due
- $35,098
- Interest + MI left
- $343,781
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $148,150 | $148,150 | $235,150 |
| Second mortgage | — | $87,000 | — |
| First P&I | $770.63 | $770.63 | $1,592.99 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $121.71 | $121.71 | $47.03 |
| Taxes, insurance & HOA | $501.83 | $501.83 | $501.83 |
| Total housing payment | $1,394.18 | $2,094.20 | $2,141.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,850
Closing costs & prepaids$11,471
Usable credit−$0
Total buyer cash needed$38,321
Earnest money paid−$0
Remaining funds due$38,321
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,620.00
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)$314.50
Initial HOA (3 months)$741.00
Prepaid interest, first (9 days)$127.49
Prepaid interest, second (9 days)$193.07
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 3.49%
Interest already paid$36,429Through Dec 2026
Assumption only · ends Jun 2050$89,362
Assumption + second · ends Jun 2050, second Jan 2057$254,370
New conventional · ends Jan 2057$343,781