Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,358/mo
Lowest payment- Down payment
- $144,994
- Funds due
- $155,084
- Interest + MI left
- $92,431
- First ends
- May 2050
Assumption
Assumption + second
$2,202/mo
+$844/mo- Down payment
- $29,994
- Funds due
- $41,385
- Interest + MI left
- $281,209
- First ends
- May 2050
New loan
New conventional
$2,348/mo
+$990/mo- Down payment
- $29,994
- Funds due
- $38,064
- Interest + MI left
- $407,966
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $154,006 | $154,006 | $269,006 |
| Second mortgage | — | $115,000 | — |
| First P&I | $799.47 | $799.47 | $1,862.54 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | $126.58 | $126.58 | $53.80 |
| Taxes, insurance & HOA | $432.00 | $432.00 | $432.00 |
| Total housing payment | $1,358.05 | $2,201.88 | $2,348.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,994
Closing costs & prepaids$11,391
Usable credit−$0
Total buyer cash needed$41,385
Earnest money paid−$0
Remaining funds due$41,385
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$144.00
Initial HOA (3 months)$702.00
Prepaid interest, first (2 days)$29.28
Prepaid interest, second (2 days)$50.41
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 6 moOf the original 30-year loan at 3.470%
Interest already paid$37,661Through Nov 2026
Assumption only · ends May 2050$92,431
Assumption + second · ends May 2050, second Dec 2056$281,209
New conventional · ends Dec 2056$407,966