Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,123/mo
Lowest payment- Down payment
- $150,271
- Funds due
- $161,944
- Interest + MI left
- $150,506
- First ends
- Sep 2050
Assumption
Assumption + second
$2,908/mo
+$785/mo- Down payment
- $43,271
- Funds due
- $56,218
- Interest + MI left
- $326,152
- First ends
- Sep 2050
New loan
New conventional
$3,261/mo
+$1,138/mo- Down payment
- $43,271
- Funds due
- $52,766
- Interest + MI left
- $578,840
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,728 | $274,728 | $381,728 |
| Second mortgage | — | $107,000 | — |
| First P&I | $1,355.66 | $1,355.66 | $2,643.01 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | $225.74 | $225.74 | $76.35 |
| Taxes, insurance & HOA | $541.67 | $541.67 | $541.67 |
| Total housing payment | $2,123.07 | $2,908.19 | $3,261.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,271
Closing costs & prepaids$12,947
Usable credit−$0
Total buyer cash needed$56,218
Earnest money paid−$0
Remaining funds due$56,218
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,249.99
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)$1,062.50
Initial HOA (3 months)$112.50
Prepaid interest, first (1 days)$23.11
Prepaid interest, second (1 days)$23.45
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 10 moOf the original 30-year loan at 3.070%
Interest already paid$56,359Through Nov 2026
Assumption only · ends Sep 2050$150,506
Assumption + second · ends Sep 2050, second Dec 2056$326,152
New conventional · ends Dec 2056$578,840