Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,835/mo
Lowest payment- Down payment
- $193,153
- Funds due
- $204,452
- Interest + MI left
- $147,311
- First ends
- Jun 2050
Assumption
Assumption + second
$2,928/mo
+$1,093/mo- Down payment
- $44,153
- Funds due
- $56,767
- Interest + MI left
- $391,902
- First ends
- Jun 2050
New loan
New conventional
$3,175/mo
+$1,340/mo- Down payment
- $44,153
- Funds due
- $53,324
- Interest + MI left
- $598,812
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $245,847 | $245,847 | $394,847 |
| Second mortgage | — | $149,000 | — |
| First P&I | $1,270.71 | $1,270.71 | $2,733.84 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | $201.70 | $201.70 | $78.97 |
| Taxes, insurance & HOA | $362.50 | $362.50 | $362.50 |
| Total housing payment | $1,834.90 | $2,928.21 | $3,175.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,153
Closing costs & prepaids$12,614
Usable credit−$0
Total buyer cash needed$56,767
Earnest money paid−$0
Remaining funds due$56,767
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
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)$382.50
Initial HOA (3 months)$255.00
Prepaid interest, first (2 days)$46.48
Prepaid interest, second (2 days)$65.32
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 7 moOf the original 30-year loan at 3.450%
Interest already paid$58,945Through Nov 2026
Assumption only · ends Jun 2050$147,311
Assumption + second · ends Jun 2050, second Dec 2056$391,902
New conventional · ends Dec 2056$598,812