Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,366/mo
Lowest payment- Down payment
- $185,889
- Funds due
- $196,365
- Interest + MI left
- $96,711
- First ends
- Sep 2050
Assumption
Assumption + second
$2,467/mo
+$1,101/mo- Down payment
- $35,889
- Funds due
- $47,648
- Interest + MI left
- $342,944
- First ends
- Sep 2050
New loan
New conventional
$2,652/mo
+$1,286/mo- Down payment
- $35,889
- Funds due
- $44,256
- Interest + MI left
- $483,889
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,111 | $169,111 | $319,111 |
| Second mortgage | — | $150,000 | — |
| First P&I | $848.57 | $848.57 | $2,209.46 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | $138.46 | $138.46 | $63.82 |
| Taxes, insurance & HOA | $378.83 | $378.83 | $378.83 |
| Total housing payment | $1,365.86 | $2,466.51 | $2,652.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,889
Closing costs & prepaids$11,759
Usable credit−$0
Total buyer cash needed$47,648
Earnest money paid−$0
Remaining funds due$47,648
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$290.50
Initial HOA (3 months)$396.00
Prepaid interest, first (1 days)$14.97
Prepaid interest, second (1 days)$32.88
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 3.230%
Interest already paid$36,432Through Nov 2026
Assumption only · ends Sep 2050$96,711
Assumption + second · ends Sep 2050, second Dec 2056$342,944
New conventional · ends Dec 2056$483,889