Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,319/mo
Lowest payment- Down payment
- $78,874
- Funds due
- $88,268
- Interest + MI left
- $87,296
- First ends
- Oct 2050
Assumption
Assumption + second
$1,753/mo
+$434/mo- Down payment
- $24,874
- Funds due
- $35,545
- Interest + MI left
- $189,715
- First ends
- Oct 2050
New loan
New conventional
$1,930/mo
+$611/mo- Down payment
- $24,874
- Funds due
- $32,280
- Interest + MI left
- $326,015
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $161,026 | $161,026 | $215,026 |
| Second mortgage | — | $54,000 | — |
| First P&I | $788.55 | $788.55 | $1,488.80 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | $132.15 | $132.15 | $43.01 |
| Taxes, insurance & HOA | $397.92 | $397.92 | $397.92 |
| Total housing payment | $1,318.61 | $1,753.11 | $1,929.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,874
Closing costs & prepaids$10,671
Usable credit−$0
Total buyer cash needed$35,545
Earnest money paid−$0
Remaining funds due$35,545
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,399.00
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)$113.75
Initial HOA (3 months)$630.00
Prepaid interest, first (2 days)$26.65
Prepaid interest, second (2 days)$26.63
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 11 moOf the original 30-year loan at 3.020%
Interest already paid$32,032Through Nov 2026
Assumption only · ends Oct 2050$87,296
Assumption + second · ends Oct 2050, second Dec 2056$189,715
New conventional · ends Dec 2056$326,015