Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,423/mo
Lowest payment- Down payment
- $78,922
- Funds due
- $88,398
- Interest + MI left
- $103,098
- First ends
- Apr 2050
Assumption
Assumption + second
$1,849/mo
+$426/mo- Down payment
- $25,922
- Funds due
- $36,674
- Interest + MI left
- $203,620
- First ends
- Apr 2050
New loan
New conventional
$1,985/mo
+$563/mo- Down payment
- $25,922
- Funds due
- $33,396
- Interest + MI left
- $339,740
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $171,078 | $171,078 | $224,078 |
| Second mortgage | — | $53,000 | — |
| First P&I | $892.85 | $892.85 | $1,551.47 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $140.84 | $140.84 | $44.82 |
| Taxes, insurance & HOA | $389.17 | $389.17 | $389.17 |
| Total housing payment | $1,422.86 | $1,849.31 | $1,985.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,922
Closing costs & prepaids$10,751
Usable credit−$0
Total buyer cash needed$36,674
Earnest money paid−$0
Remaining funds due$36,674
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$477.50
Initial HOA (3 months)$240.00
Prepaid interest, first (2 days)$32.81
Prepaid interest, second (2 days)$26.14
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 5 moOf the original 30-year loan at 3.500%
Interest already paid$42,780Through Nov 2026
Assumption only · ends Apr 2050$103,098
Assumption + second · ends Apr 2050, second Dec 2056$203,620
New conventional · ends Dec 2056$339,740