Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,475/mo
Lowest payment- Down payment
- $72,158
- Funds due
- $81,699
- Interest + MI left
- $106,209
- First ends
- Aug 2050
Assumption
Assumption + second
$1,838/mo
+$362/mo- Down payment
- $27,158
- Funds due
- $37,971
- Interest + MI left
- $191,558
- First ends
- Aug 2050
New loan
New conventional
$2,046/mo
+$571/mo- Down payment
- $27,158
- Funds due
- $34,691
- Interest + MI left
- $356,818
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $190,342 | $190,342 | $235,342 |
| Second mortgage | — | $45,000 | — |
| First P&I | $949.39 | $949.39 | $1,629.46 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | $156.49 | $156.49 | $47.07 |
| Taxes, insurance & HOA | $369.58 | $369.58 | $369.58 |
| Total housing payment | $1,475.46 | $1,837.54 | $2,046.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,158
Closing costs & prepaids$10,814
Usable credit−$0
Total buyer cash needed$37,971
Earnest money paid−$0
Remaining funds due$37,971
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,625.00
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)$514.75
Initial HOA (3 months)$144.00
Prepaid interest, first (2 days)$32.85
Prepaid interest, second (2 days)$22.19
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 9 moOf the original 30-year loan at 3.150%
Interest already paid$40,623Through Nov 2026
Assumption only · ends Aug 2050$106,209
Assumption + second · ends Aug 2050, second Dec 2056$191,558
New conventional · ends Dec 2056$356,818