Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,058/mo
Lowest payment- Down payment
- $263,461
- Funds due
- $274,092
- Interest + MI left
- $71,511
- First ends
- May 2050
Assumption
Assumption + second
$2,662/mo
+$1,605/mo- Down payment
- $39,461
- Funds due
- $51,437
- Interest + MI left
- $425,226
- First ends
- May 2050
New loan
New conventional
$2,818/mo
+$1,760/mo- Down payment
- $39,461
- Funds due
- $48,018
- Interest + MI left
- $535,407
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $129,039 | $129,039 | $353,039 |
| Second mortgage | — | $224,000 | — |
| First P&I | $650.24 | $650.24 | $2,444.37 |
| Second P&I | — | $1,604.76 | — |
| Mortgage insurance | $104.61 | $104.61 | $70.61 |
| Taxes, insurance & HOA | $302.67 | $302.67 | $302.67 |
| Total housing payment | $1,057.51 | $2,662.28 | $2,817.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,461
Closing costs & prepaids$11,976
Usable credit−$0
Total buyer cash needed$51,437
Earnest money paid−$0
Remaining funds due$51,437
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,925.00
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)$424.25
Initial HOA (3 months)$33.75
Prepaid interest, first (2 days)$22.48
Prepaid interest, second (2 days)$95.12
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 6 moOf the original 29-year loan at 3.180%
Interest already paid$24,271Through Nov 2026
Assumption only · ends May 2050$71,511
Assumption + second · ends May 2050, second Dec 2056$425,226
New conventional · ends Dec 2056$535,407