Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,010/mo
Lowest payment- Down payment
- $195,123
- Funds due
- $206,952
- Interest + MI left
- $148,434
- First ends
- Jun 2050
Assumption
Assumption + second
$3,126/mo
+$1,115/mo- Down payment
- $43,123
- Funds due
- $56,236
- Interest + MI left
- $397,950
- First ends
- Jun 2050
New loan
New conventional
$3,336/mo
+$1,326/mo- Down payment
- $43,123
- Funds due
- $52,776
- Interest + MI left
- $588,090
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $235,777 | $235,777 | $387,777 |
| Second mortgage | — | $152,000 | — |
| First P&I | $1,243.72 | $1,243.72 | $2,684.89 |
| Second P&I | — | $1,115.32 | — |
| Mortgage insurance | $192.58 | $192.58 | $77.56 |
| Taxes, insurance & HOA | $573.92 | $573.92 | $573.92 |
| Total housing payment | $2,010.22 | $3,125.54 | $3,336.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,123
Closing costs & prepaids$13,113
Usable credit−$0
Total buyer cash needed$56,236
Earnest money paid−$0
Remaining funds due$56,236
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,309.00
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)$1,189.50
Initial HOA (3 months)$82.26
Prepaid interest, first (1 days)$23.58
Prepaid interest, second (1 days)$33.32
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 7 moOf the original 30-year loan at 3.650%
Interest already paid$59,668Through Nov 2026
Assumption only · ends Jun 2050$148,434
Assumption + second · ends Jun 2050, second Dec 2056$397,950
New conventional · ends Dec 2056$588,090