Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,504/mo
Lowest payment- Down payment
- $147,791
- Funds due
- $158,140
- Interest + MI left
- $106,721
- First ends
- Jan 2050
Assumption
Assumption + second
$2,356/mo
+$851/mo- Down payment
- $31,791
- Funds due
- $43,440
- Interest + MI left
- $297,141
- First ends
- Jan 2050
New loan
New conventional
$2,481/mo
+$976/mo- Down payment
- $31,791
- Funds due
- $40,102
- Interest + MI left
- $429,506
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,209 | $167,209 | $283,209 |
| Second mortgage | — | $116,000 | — |
| First P&I | $903.67 | $903.67 | $1,960.88 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | $137.71 | $137.71 | $56.64 |
| Taxes, insurance & HOA | $463.08 | $463.08 | $463.08 |
| Total housing payment | $1,504.46 | $2,355.63 | $2,480.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,791
Closing costs & prepaids$11,650
Usable credit−$0
Total buyer cash needed$43,440
Earnest money paid−$0
Remaining funds due$43,440
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$528.25
Initial HOA (3 months)$411.00
Prepaid interest, first (2 days)$34.63
Prepaid interest, second (2 days)$50.85
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 2 moOf the original 30-year loan at 3.780%
Interest already paid$46,897Through Nov 2026
Assumption only · ends Jan 2050$106,721
Assumption + second · ends Jan 2050, second Dec 2056$297,141
New conventional · ends Dec 2056$429,506