Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,114/mo
Lowest payment- Down payment
- $185,441
- Funds due
- $197,382
- Interest + MI left
- $155,001
- First ends
- May 2050
Assumption
Assumption + second
$3,141/mo
+$1,027/mo- Down payment
- $45,441
- Funds due
- $58,693
- Interest + MI left
- $384,819
- First ends
- May 2050
New loan
New conventional
$3,402/mo
+$1,288/mo- Down payment
- $45,441
- Funds due
- $55,241
- Interest + MI left
- $605,878
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $259,559 | $259,559 | $399,559 |
| Second mortgage | — | $140,000 | — |
| First P&I | $1,344.67 | $1,344.67 | $2,766.47 |
| Second P&I | — | $1,027.27 | — |
| Mortgage insurance | $213.44 | $213.44 | $79.91 |
| Taxes, insurance & HOA | $555.75 | $555.75 | $555.75 |
| Total housing payment | $2,113.85 | $3,141.12 | $3,402.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,441
Closing costs & prepaids$13,253
Usable credit−$0
Total buyer cash needed$58,693
Earnest money paid−$0
Remaining funds due$58,693
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$980.25
Initial HOA (3 months)$237.00
Prepaid interest, first (2 days)$49.07
Prepaid interest, second (2 days)$61.37
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 3.450%
Interest already paid$63,123Through Nov 2026
Assumption only · ends May 2050$155,001
Assumption + second · ends May 2050, second Dec 2056$384,819
New conventional · ends Dec 2056$605,878