Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,602/mo
Lowest payment- Down payment
- $169,269
- Funds due
- $182,223
- Interest + MI left
- $171,641
- First ends
- Jan 2050
Assumption
Assumption + second
$3,512/mo
+$910/mo- Down payment
- $45,269
- Funds due
- $59,500
- Interest + MI left
- $375,193
- First ends
- Jan 2050
New loan
New conventional
$3,744/mo
+$1,142/mo- Down payment
- $45,269
- Funds due
- $56,024
- Interest + MI left
- $604,623
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,731 | $274,731 | $398,731 |
| Second mortgage | — | $124,000 | — |
| First P&I | $1,471.53 | $1,471.53 | $2,760.73 |
| Second P&I | — | $909.87 | — |
| Mortgage insurance | $226.73 | $226.73 | $79.75 |
| Taxes, insurance & HOA | $904.00 | $904.00 | $904.00 |
| Total housing payment | $2,602.26 | $3,512.13 | $3,744.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,269
Closing costs & prepaids$14,232
Usable credit−$0
Total buyer cash needed$59,500
Earnest money paid−$0
Remaining funds due$59,500
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,440.00
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)$2,229.50
Initial HOA (3 months)$32.49
Prepaid interest, first (1 days)$27.77
Prepaid interest, second (1 days)$27.18
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 2 moOf the original 30-year loan at 3.690%
Interest already paid$75,302Through Nov 2026
Assumption only · ends Jan 2050$171,641
Assumption + second · ends Jan 2050, second Dec 2056$375,193
New conventional · ends Dec 2056$604,623