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
- $87,412
- Funds due
- $96,863
- Interest + MI left
- $101,970
- First ends
- Jul 2050
Assumption
Assumption + second
$1,866/mo
+$491/mo- Down payment
- $26,412
- Funds due
- $37,128
- Interest + MI left
- $217,665
- First ends
- Jul 2050
New loan
New conventional
$1,998/mo
+$623/mo- Down payment
- $26,412
- Funds due
- $33,828
- Interest + MI left
- $346,426
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,488 | $167,488 | $228,488 |
| Second mortgage | — | $61,000 | — |
| First P&I | $868.15 | $868.15 | $1,582.00 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | $136.94 | $136.94 | $45.70 |
| Taxes, insurance & HOA | $370.08 | $370.08 | $370.08 |
| Total housing payment | $1,375.18 | $1,866.00 | $1,997.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,412
Closing costs & prepaids$10,715
Usable credit−$0
Total buyer cash needed$37,128
Earnest money paid−$0
Remaining funds due$37,128
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,549.00
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)$270.25
Initial HOA (3 months)$390.00
Prepaid interest, first (1 days)$16.06
Prepaid interest, second (1 days)$15.04
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.500%
Interest already paid$40,134Through Nov 2026
Assumption only · ends Jul 2050$101,970
Assumption + second · ends Jul 2050, second Dec 2056$217,665
New conventional · ends Dec 2056$346,426