Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,984/mo
Lowest payment- Down payment
- $156,106
- Funds due
- $167,522
- Interest + MI left
- $142,273
- First ends
- Mar 2050
Assumption
Assumption + second
$2,843/mo
+$859/mo- Down payment
- $39,106
- Funds due
- $51,823
- Interest + MI left
- $334,335
- First ends
- Mar 2050
New loan
New conventional
$3,046/mo
+$1,061/mo- Down payment
- $39,106
- Funds due
- $48,426
- Interest + MI left
- $524,502
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,894 | $228,894 | $345,894 |
| Second mortgage | — | $117,000 | — |
| First P&I | $1,214.37 | $1,214.37 | $2,394.90 |
| Second P&I | — | $858.50 | — |
| Mortgage insurance | $188.27 | $188.27 | $69.18 |
| Taxes, insurance & HOA | $581.83 | $581.83 | $581.83 |
| Total housing payment | $1,984.46 | $2,842.97 | $3,045.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,106
Closing costs & prepaids$12,717
Usable credit−$0
Total buyer cash needed$51,823
Earnest money paid−$0
Remaining funds due$51,823
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$895.50
Initial HOA (3 months)$399.99
Prepaid interest, first (2 days)$45.65
Prepaid interest, second (2 days)$51.29
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 4 moOf the original 30-year loan at 3.640%
Interest already paid$60,258Through Nov 2026
Assumption only · ends Mar 2050$142,273
Assumption + second · ends Mar 2050, second Dec 2056$334,335
New conventional · ends Dec 2056$524,502