Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,878/mo
Lowest payment- Down payment
- $154,645
- Funds due
- $165,740
- Interest + MI left
- $140,290
- First ends
- Mar 2050
Assumption
Assumption + second
$2,736/mo
+$859/mo- Down payment
- $37,645
- Funds due
- $50,016
- Interest + MI left
- $332,352
- First ends
- Mar 2050
New loan
New conventional
$2,919/mo
+$1,042/mo- Down payment
- $37,645
- Funds due
- $46,609
- Interest + MI left
- $511,622
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,355 | $220,355 | $337,355 |
| Second mortgage | — | $117,000 | — |
| First P&I | $1,180.84 | $1,180.84 | $2,335.78 |
| Second P&I | — | $858.50 | — |
| Mortgage insurance | $180.83 | $180.83 | $67.47 |
| Taxes, insurance & HOA | $515.83 | $515.83 | $515.83 |
| Total housing payment | $1,877.50 | $2,736.01 | $2,919.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,645
Closing costs & prepaids$12,371
Usable credit−$0
Total buyer cash needed$50,016
Earnest money paid−$0
Remaining funds due$50,016
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$1,015.00
Initial HOA (3 months)$82.50
Prepaid interest, first (1 days)$22.58
Prepaid interest, second (1 days)$25.64
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 4 moOf the original 30-year loan at 3.740%
Interest already paid$59,532Through Nov 2026
Assumption only · ends Mar 2050$140,290
Assumption + second · ends Mar 2050, second Dec 2056$332,352
New conventional · ends Dec 2056$511,622