Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,351/mo
Lowest payment- Down payment
- $241,127
- Funds due
- $254,547
- Interest + MI left
- $154,473
- First ends
- Apr 2050
Assumption
Assumption + second
$3,760/mo
+$1,409/mo- Down payment
- $49,127
- Funds due
- $63,881
- Interest + MI left
- $469,651
- First ends
- Apr 2050
New loan
New conventional
$3,972/mo
+$1,622/mo- Down payment
- $49,127
- Funds due
- $60,385
- Interest + MI left
- $668,614
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,873 | $248,873 | $440,873 |
| Second mortgage | — | $192,000 | — |
| First P&I | $1,314.72 | $1,314.72 | $3,052.52 |
| Second P&I | — | $1,408.83 | — |
| Mortgage insurance | $204.33 | $204.33 | $88.17 |
| Taxes, insurance & HOA | $831.75 | $831.75 | $831.75 |
| Total housing payment | $2,350.80 | $3,759.62 | $3,972.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,127
Closing costs & prepaids$14,754
Usable credit−$0
Total buyer cash needed$63,881
Earnest money paid−$0
Remaining funds due$63,881
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,900.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,957.75
Initial HOA (3 months)$37.50
Prepaid interest, first (2 days)$49.37
Prepaid interest, second (2 days)$84.16
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 5 moOf the original 30-year loan at 3.620%
Interest already paid$64,274Through Nov 2026
Assumption only · ends Apr 2050$154,473
Assumption + second · ends Apr 2050, second Dec 2056$469,651
New conventional · ends Dec 2056$668,614