Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,236/mo
Lowest payment- Down payment
- $147,981
- Funds due
- $160,087
- Interest + MI left
- $139,316
- First ends
- Feb 2050
Assumption
Assumption + second
$3,051/mo
+$814/mo- Down payment
- $36,981
- Funds due
- $50,361
- Interest + MI left
- $321,528
- First ends
- Feb 2050
New loan
New conventional
$3,225/mo
+$989/mo- Down payment
- $36,981
- Funds due
- $46,962
- Interest + MI left
- $498,155
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,519 | $217,519 | $328,519 |
| Second mortgage | — | $111,000 | — |
| First P&I | $1,172.93 | $1,172.93 | $2,274.60 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | $178.74 | $178.74 | $65.70 |
| Taxes, insurance & HOA | $884.58 | $884.58 | $884.58 |
| Total housing payment | $2,236.26 | $3,050.73 | $3,224.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,981
Closing costs & prepaids$13,381
Usable credit−$0
Total buyer cash needed$50,361
Earnest money paid−$0
Remaining funds due$50,361
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,655.00
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)$1,099.75
Initial HOA (3 months)$1,104.00
Prepaid interest, first (1 days)$22.53
Prepaid interest, second (1 days)$24.33
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 3 moOf the original 30-year loan at 3.780%
Interest already paid$60,186Through Nov 2026
Assumption only · ends Feb 2050$139,316
Assumption + second · ends Feb 2050, second Dec 2056$321,528
New conventional · ends Dec 2056$498,155