Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,346/mo
Lowest payment- Down payment
- $127,305
- Funds due
- $139,486
- Interest + MI left
- $147,269
- First ends
- Aug 2050
Assumption
Assumption + second
$3,054/mo
+$708/mo- Down payment
- $39,305
- Funds due
- $52,779
- Interest + MI left
- $314,174
- First ends
- Aug 2050
New loan
New conventional
$3,299/mo
+$954/mo- Down payment
- $39,305
- Funds due
- $49,388
- Interest + MI left
- $524,199
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,694 | $257,694 | $345,694 |
| Second mortgage | — | $88,000 | — |
| First P&I | $1,297.42 | $1,297.42 | $2,393.52 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | $211.43 | $211.43 | $69.14 |
| Taxes, insurance & HOA | $836.83 | $836.83 | $836.83 |
| Total housing payment | $2,345.69 | $3,053.76 | $3,299.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,305
Closing costs & prepaids$13,475
Usable credit−$0
Total buyer cash needed$52,779
Earnest money paid−$0
Remaining funds due$52,779
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,849.99
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)$1,226.50
Initial HOA (3 months)$834.00
Prepaid interest, first (2 days)$45.75
Prepaid interest, second (2 days)$43.40
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 9 moOf the original 30-year loan at 3.240%
Interest already paid$56,508Through Nov 2026
Assumption only · ends Aug 2050$147,269
Assumption + second · ends Aug 2050, second Dec 2056$314,174
New conventional · ends Dec 2056$524,199