Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,893/mo
Lowest payment- Down payment
- $187,380
- Funds due
- $198,896
- Interest + MI left
- $138,997
- First ends
- Sep 2050
Assumption
Assumption + second
$2,943/mo
+$1,049/mo- Down payment
- $44,380
- Funds due
- $57,178
- Interest + MI left
- $373,739
- First ends
- Sep 2050
New loan
New conventional
$3,239/mo
+$1,346/mo- Down payment
- $44,380
- Funds due
- $53,711
- Interest + MI left
- $592,323
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,620 | $247,620 | $390,620 |
| Second mortgage | — | $143,000 | — |
| First P&I | $1,233.47 | $1,233.47 | $2,704.57 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | $203.05 | $203.05 | $78.12 |
| Taxes, insurance & HOA | $456.75 | $456.75 | $456.75 |
| Total housing payment | $1,893.27 | $2,942.56 | $3,239.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,380
Closing costs & prepaids$12,798
Usable credit−$0
Total buyer cash needed$57,178
Earnest money paid−$0
Remaining funds due$57,178
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$626.25
Initial HOA (3 months)$294.00
Prepaid interest, first (1 days)$21.44
Prepaid interest, second (1 days)$31.34
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 3.160%
Interest already paid$52,232Through Nov 2026
Assumption only · ends Sep 2050$138,997
Assumption + second · ends Sep 2050, second Dec 2056$373,739
New conventional · ends Dec 2056$592,323