Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,532/mo
Lowest payment- Down payment
- $147,751
- Funds due
- $158,065
- Interest + MI left
- $115,940
- First ends
- May 2050
Assumption
Assumption + second
$2,354/mo
+$822/mo- Down payment
- $35,751
- Funds due
- $47,364
- Interest + MI left
- $299,794
- First ends
- May 2050
New loan
New conventional
$2,573/mo
+$1,041/mo- Down payment
- $35,751
- Funds due
- $43,999
- Interest + MI left
- $476,517
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $202,249 | $202,249 | $314,249 |
| Second mortgage | — | $112,000 | — |
| First P&I | $1,030.76 | $1,030.76 | $2,175.80 |
| Second P&I | — | $821.82 | — |
| Mortgage insurance | $166.92 | $166.92 | $62.85 |
| Taxes, insurance & HOA | $334.42 | $334.42 | $334.42 |
| Total housing payment | $1,532.09 | $2,353.91 | $2,573.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,751
Closing costs & prepaids$11,614
Usable credit−$0
Total buyer cash needed$47,364
Earnest money paid−$0
Remaining funds due$47,364
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$286.25
Initial HOA (3 months)$267.00
Prepaid interest, first (2 days)$36.46
Prepaid interest, second (2 days)$49.10
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 30-year loan at 3.290%
Interest already paid$46,996Through Nov 2026
Assumption only · ends May 2050$115,940
Assumption + second · ends May 2050, second Dec 2056$299,794
New conventional · ends Dec 2056$476,517