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
- $73,582
- Funds due
- $82,299
- Interest + MI left
- $63,582
- First ends
- Feb 2050
Assumption
Assumption + second
$1,467/mo
+$451/mo- Down payment
- $17,582
- Funds due
- $27,576
- Interest + MI left
- $169,794
- First ends
- Feb 2050
New loan
New conventional
$1,512/mo
+$496/mo- Down payment
- $17,582
- Funds due
- $24,366
- Interest + MI left
- $238,735
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $101,418 | $101,418 | $157,418 |
| Second mortgage | — | $56,000 | — |
| First P&I | $541.99 | $541.99 | $1,089.93 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $83.51 | $83.51 | $31.48 |
| Taxes, insurance & HOA | $390.42 | $390.42 | $390.42 |
| Total housing payment | $1,015.91 | $1,466.50 | $1,511.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,582
Closing costs & prepaids$9,994
Usable credit−$0
Total buyer cash needed$27,576
Earnest money paid−$0
Remaining funds due$27,576
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,750.00
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)$70.25
Initial HOA (3 months)$651.00
Prepaid interest, first (2 days)$20.51
Prepaid interest, second (2 days)$27.62
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 3 moOf the original 30-year loan at 3.690%
Interest already paid$27,423Through Nov 2026
Assumption only · ends Feb 2050$63,582
Assumption + second · ends Feb 2050, second Dec 2056$169,794
New conventional · ends Dec 2056$238,735