Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,676/mo
Lowest payment- Down payment
- $126,506
- Funds due
- $137,199
- Interest + MI left
- $104,243
- First ends
- Jul 2050
Assumption
Assumption + second
$2,441/mo
+$764/mo- Down payment
- $31,506
- Funds due
- $43,472
- Interest + MI left
- $284,424
- First ends
- Jul 2050
New loan
New conventional
$2,584/mo
+$908/mo- Down payment
- $31,506
- Funds due
- $40,124
- Interest + MI left
- $422,299
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $183,494 | $183,494 | $278,494 |
| Second mortgage | — | $95,000 | — |
| First P&I | $925.05 | $925.05 | $1,928.24 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | $150.94 | $150.94 | $55.70 |
| Taxes, insurance & HOA | $600.50 | $600.50 | $600.50 |
| Total housing payment | $1,676.49 | $2,440.88 | $2,584.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,506
Closing costs & prepaids$11,966
Usable credit−$0
Total buyer cash needed$43,472
Earnest money paid−$0
Remaining funds due$43,472
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$1,066.50
Initial HOA (3 months)$285.00
Prepaid interest, first (1 days)$16.24
Prepaid interest, second (1 days)$23.42
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 8 moOf the original 30-year loan at 3.230%
Interest already paid$40,707Through Nov 2026
Assumption only · ends Jul 2050$104,243
Assumption + second · ends Jul 2050, second Dec 2056$284,424
New conventional · ends Dec 2056$422,299