Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,943/mo
Lowest payment- Down payment
- $149,815
- Funds due
- $160,949
- Interest + MI left
- $149,850
- First ends
- Jun 2050
Assumption
Assumption + second
$2,743/mo
+$800/mo- Down payment
- $40,815
- Funds due
- $53,223
- Interest + MI left
- $328,779
- First ends
- Jun 2050
New loan
New conventional
$3,004/mo
+$1,060/mo- Down payment
- $40,815
- Funds due
- $49,791
- Interest + MI left
- $544,505
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,085 | $250,085 | $359,085 |
| Second mortgage | — | $109,000 | — |
| First P&I | $1,292.61 | $1,292.61 | $2,486.23 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | $205.17 | $205.17 | $71.82 |
| Taxes, insurance & HOA | $445.67 | $445.67 | $445.67 |
| Total housing payment | $1,943.45 | $2,743.25 | $3,003.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,815
Closing costs & prepaids$12,409
Usable credit−$0
Total buyer cash needed$53,223
Earnest money paid−$0
Remaining funds due$53,223
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$524.00
Initial HOA (3 months)$363.00
Prepaid interest, first (1 days)$23.64
Prepaid interest, second (1 days)$23.89
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 7 moOf the original 30-year loan at 3.450%
Interest already paid$59,961Through Nov 2026
Assumption only · ends Jun 2050$149,850
Assumption + second · ends Jun 2050, second Dec 2056$328,779
New conventional · ends Dec 2056$544,505