Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,909/mo
Lowest payment- Down payment
- $109,270
- Funds due
- $120,019
- Interest + MI left
- $154,237
- First ends
- May 2050
Assumption
Assumption + second
$2,497/mo
+$587/mo- Down payment
- $36,270
- Funds due
- $48,431
- Interest + MI left
- $292,691
- First ends
- May 2050
New loan
New conventional
$2,638/mo
+$729/mo- Down payment
- $36,270
- Funds due
- $45,206
- Interest + MI left
- $471,848
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,705 | $249,705 | $322,705 |
| Second mortgage | — | $73,000 | — |
| First P&I | $1,316.46 | $1,316.46 | $2,186.12 |
| Second P&I | — | $587.37 | — |
| Mortgage insurance | $205.10 | $205.10 | $64.54 |
| Taxes, insurance & HOA | $387.58 | $387.58 | $387.58 |
| Total housing payment | $1,909.14 | $2,496.52 | $2,638.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,270
Closing costs & prepaids$12,161
Usable credit−$0
Total buyer cash needed$48,431
Earnest money paid−$0
Remaining funds due$48,431
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,589.75
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)$430.75
Initial HOA (3 months)$282.00
Prepaid interest, first (9 days)$221.66
Prepaid interest, second (9 days)$162.00
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 5 moOf the original 30-year loan at 3.6%
Interest already paid$64,148Through Dec 2026
Assumption only · ends May 2050$154,237
Assumption + second · ends May 2050, second Jan 2057$292,691
New conventional · ends Jan 2057$471,848