Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,597/mo
Lowest payment- Down payment
- $138,100
- Funds due
- $148,769
- Interest + MI left
- $104,522
- First ends
- Feb 2050
Assumption
Assumption + second
$2,382/mo
+$785/mo- Down payment
- $31,100
- Funds due
- $43,230
- Interest + MI left
- $280,168
- First ends
- Feb 2050
New loan
New conventional
$2,474/mo
+$878/mo- Down payment
- $31,100
- Funds due
- $39,991
- Interest + MI left
- $400,432
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,900 | $166,900 | $273,900 |
| Second mortgage | — | $107,000 | — |
| First P&I | $894.85 | $894.85 | $1,855.49 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | $137.71 | $137.71 | $54.78 |
| Taxes, insurance & HOA | $564.00 | $564.00 | $564.00 |
| Total housing payment | $1,596.56 | $2,381.69 | $2,474.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,100
Closing costs & prepaids$12,130
Usable credit−$0
Total buyer cash needed$43,230
Earnest money paid−$0
Remaining funds due$43,230
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,050.00
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)$366.00
Initial HOA (3 months)$876.00
Prepaid interest, first (9 days)$152.27
Prepaid interest, second (9 days)$211.07
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3.7%
Interest already paid$45,865Through Dec 2026
Assumption only · ends Feb 2050$104,522
Assumption + second · ends Feb 2050, second Jan 2057$280,168
New conventional · ends Jan 2057$400,432