Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,424/mo
Lowest payment- Down payment
- $90,204
- Funds due
- $102,080
- Interest + MI left
- $160,391
- First ends
- Oct 2050
Assumption
Assumption + second
$2,842/mo
+$418/mo- Down payment
- $38,204
- Funds due
- $51,343
- Interest + MI left
- $259,016
- First ends
- Oct 2050
New loan
New conventional
$3,175/mo
+$751/mo- Down payment
- $38,204
- Funds due
- $47,941
- Interest + MI left
- $510,706
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $284,796 | $284,796 | $336,796 |
| Second mortgage | — | $52,000 | — |
| First P&I | $1,415.34 | $1,415.34 | $2,331.91 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | $232.99 | $232.99 | $67.36 |
| Taxes, insurance & HOA | $775.33 | $775.33 | $775.33 |
| Total housing payment | $2,423.66 | $2,842.07 | $3,174.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,204
Closing costs & prepaids$13,138
Usable credit−$0
Total buyer cash needed$51,343
Earnest money paid−$0
Remaining funds due$51,343
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$1,420.00
Initial HOA (3 months)$456.00
Prepaid interest, first (1 days)$24.66
Prepaid interest, second (1 days)$12.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 11 moOf the original 30-year loan at 3.160%
Interest already paid$59,183Through Nov 2026
Assumption only · ends Oct 2050$160,391
Assumption + second · ends Oct 2050, second Dec 2056$259,016
New conventional · ends Dec 2056$510,706