Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,119/mo
Lowest payment- Down payment
- $34,174
- Funds due
- $42,661
- Interest + MI left
- $76,279
- First ends
- Aug 2050
Assumption
Assumption + second
$1,374/mo
+$255/mo- Down payment
- $9,174
- Funds due
- $18,927
- Interest + MI left
- $142,989
- First ends
- Aug 2050
New loan
New conventional
$1,468/mo
+$349/mo- Down payment
- $9,174
- Funds due
- $15,810
- Interest + MI left
- $241,664
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $133,826 | $133,826 | $158,826 |
| Second mortgage | — | $25,000 | — |
| First P&I | $673.08 | $673.08 | $1,099.68 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $109.83 | $109.83 | $31.77 |
| Taxes, insurance & HOA | $336.08 | $336.08 | $336.08 |
| Total housing payment | $1,118.99 | $1,373.74 | $1,467.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,174
Closing costs & prepaids$9,753
Usable credit−$0
Total buyer cash needed$18,927
Earnest money paid−$0
Remaining funds due$18,927
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,680.00
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)$135.25
Initial HOA (3 months)$423.00
Prepaid interest, first (2 days)$23.69
Prepaid interest, second (2 days)$16.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 9 moOf the original 30-year loan at 3.230%
Interest already paid$29,259Through Nov 2026
Assumption only · ends Aug 2050$76,279
Assumption + second · ends Aug 2050, second Dec 2056$142,989
New conventional · ends Dec 2056$241,664