Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,375/mo
Lowest payment- Down payment
- $127,907
- Funds due
- $137,797
- Interest + MI left
- $99,250
- First ends
- Jul 2050
Assumption
Assumption + second
$2,164/mo
+$789/mo- Down payment
- $29,907
- Funds due
- $41,096
- Interest + MI left
- $285,121
- First ends
- Jul 2050
New loan
New conventional
$2,282/mo
+$907/mo- Down payment
- $29,907
- Funds due
- $37,777
- Interest + MI left
- $408,098
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $171,093 | $171,093 | $269,093 |
| Second mortgage | — | $98,000 | — |
| First P&I | $869.69 | $869.69 | $1,863.15 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | $140.48 | $140.48 | $53.82 |
| Taxes, insurance & HOA | $364.83 | $364.83 | $364.83 |
| Total housing payment | $1,375.01 | $2,163.54 | $2,281.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,907
Closing costs & prepaids$11,189
Usable credit−$0
Total buyer cash needed$41,096
Earnest money paid−$0
Remaining funds due$41,096
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$368.50
Initial HOA (3 months)$276.00
Prepaid interest, first (2 days)$31.03
Prepaid interest, second (2 days)$48.33
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 8 moOf the original 30-year loan at 3.310%
Interest already paid$38,859Through Nov 2026
Assumption only · ends Jul 2050$99,250
Assumption + second · ends Jul 2050, second Dec 2056$285,121
New conventional · ends Dec 2056$408,098