Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,987/mo
Lowest payment- Down payment
- $176,301
- Funds due
- $187,871
- Interest + MI left
- $141,276
- First ends
- Nov 2049
Assumption
Assumption + second
$2,978/mo
+$991/mo- Down payment
- $41,301
- Funds due
- $54,181
- Interest + MI left
- $362,885
- First ends
- Nov 2049
New loan
New conventional
$3,172/mo
+$1,185/mo- Down payment
- $41,301
- Funds due
- $50,761
- Interest + MI left
- $557,552
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $232,689 | $232,689 | $367,689 |
| Second mortgage | — | $135,000 | — |
| First P&I | $1,240.93 | $1,240.93 | $2,545.80 |
| Second P&I | — | $990.58 | — |
| Mortgage insurance | $193.34 | $193.34 | $73.54 |
| Taxes, insurance & HOA | $553.08 | $553.08 | $553.08 |
| Total housing payment | $1,987.35 | $2,977.93 | $3,172.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,301
Closing costs & prepaids$12,879
Usable credit−$0
Total buyer cash needed$54,181
Earnest money paid−$0
Remaining funds due$54,181
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,089.90
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)$918.25
Initial HOA (3 months)$291.00
Prepaid interest, first (2 days)$45.90
Prepaid interest, second (2 days)$59.18
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 yrOf the original 30-year loan at 3.600%
Interest already paid$63,983Through Nov 2026
Assumption only · ends Nov 2049$141,276
Assumption + second · ends Nov 2049, second Dec 2056$362,885
New conventional · ends Dec 2056$557,552