Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,304/mo
Lowest payment- Down payment
- $163,714
- Funds due
- $176,936
- Interest + MI left
- $372,071
- First ends
- Apr 2050
Assumption
Assumption + second
$4,133/mo
+$829/mo- Down payment
- $50,714
- Funds due
- $65,211
- Interest + MI left
- $557,566
- First ends
- Apr 2050
New loan
New conventional
$3,929/mo
+$624/mo- Down payment
- $50,714
- Funds due
- $61,657
- Interest + MI left
- $681,283
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $336,286 | $336,286 | $449,286 |
| Second mortgage | — | $113,000 | — |
| First P&I | $2,418.14 | $2,418.14 | $3,110.77 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | $158.09 | $158.09 | $89.86 |
| Taxes, insurance & HOA | $728.00 | $728.00 | $728.00 |
| Total housing payment | $3,304.23 | $4,133.39 | $3,928.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,714
Closing costs & prepaids$14,497
Usable credit−$0
Total buyer cash needed$65,211
Earnest money paid−$0
Remaining funds due$65,211
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$778.00
Initial HOA (3 months)$906.00
Prepaid interest, first (1 days)$63.66
Prepaid interest, second (1 days)$24.77
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 5 moOf the original 25-year loan at 6.910%
Interest already paid$37,299Through Nov 2026
Assumption only · ends Apr 2050$372,071
Assumption + second · ends Apr 2050, second Dec 2056$557,566
New conventional · ends Dec 2056$681,283