Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,872/mo
Lowest payment- Down payment
- $152,857
- Funds due
- $163,912
- Interest + MI left
- $142,927
- First ends
- Oct 2050
Assumption
Assumption + second
$2,686/mo
+$814/mo- Down payment
- $41,857
- Funds due
- $54,186
- Interest + MI left
- $325,139
- First ends
- Oct 2050
New loan
New conventional
$3,033/mo
+$1,161/mo- Down payment
- $41,857
- Funds due
- $50,747
- Interest + MI left
- $568,171
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $263,643 | $263,643 | $374,643 |
| Second mortgage | — | $111,000 | — |
| First P&I | $1,291.07 | $1,291.07 | $2,593.95 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | $216.36 | $216.36 | $74.93 |
| Taxes, insurance & HOA | $364.25 | $364.25 | $364.25 |
| Total housing payment | $1,871.67 | $2,686.15 | $3,033.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,857
Closing costs & prepaids$12,329
Usable credit−$0
Total buyer cash needed$54,186
Earnest money paid−$0
Remaining funds due$54,186
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,165.00
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)$354.75
Initial HOA (3 months)$288.00
Prepaid interest, first (1 days)$21.81
Prepaid interest, second (1 days)$24.33
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 11 moOf the original 30-year loan at 3.020%
Interest already paid$52,445Through Nov 2026
Assumption only · ends Oct 2050$142,927
Assumption + second · ends Oct 2050, second Dec 2056$325,139
New conventional · ends Dec 2056$568,171