Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,273/mo
Lowest payment- Down payment
- $173,789
- Funds due
- $186,215
- Interest + MI left
- $150,465
- First ends
- Jul 2050
Assumption
Assumption + second
$3,234/mo
+$961/mo- Down payment
- $42,789
- Funds due
- $56,580
- Interest + MI left
- $365,509
- First ends
- Jul 2050
New loan
New conventional
$3,416/mo
+$1,143/mo- Down payment
- $42,789
- Funds due
- $53,190
- Interest + MI left
- $552,129
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $251,111 | $251,111 | $382,111 |
| Second mortgage | — | $131,000 | — |
| First P&I | $1,297.92 | $1,297.92 | $2,570.49 |
| Second P&I | — | $961.23 | — |
| Mortgage insurance | $206.01 | $206.01 | $76.42 |
| Taxes, insurance & HOA | $769.17 | $769.17 | $769.17 |
| Total housing payment | $2,273.10 | $3,234.33 | $3,416.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,789
Closing costs & prepaids$13,791
Usable credit−$0
Total buyer cash needed$56,580
Earnest money paid−$0
Remaining funds due$56,580
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,249.00
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)$1,083.50
Initial HOA (3 months)$774.00
Prepaid interest, first (4 days)$94.94
Prepaid interest, second (4 days)$114.85
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 7 moOf the original 30-year loan at 3.45%
Interest already paid$60,207Through Dec 2026
Assumption only · ends Jul 2050$150,465
Assumption + second · ends Jul 2050, second Jan 2057$365,509
New conventional · ends Jan 2057$552,129