Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,897/mo
Lowest payment- Down payment
- $167,272
- Funds due
- $178,487
- Interest + MI left
- $144,929
- First ends
- Mar 2050
Assumption
Assumption + second
$2,829/mo
+$932/mo- Down payment
- $40,272
- Funds due
- $52,765
- Interest + MI left
- $353,406
- First ends
- Mar 2050
New loan
New conventional
$3,020/mo
+$1,123/mo- Down payment
- $40,272
- Funds due
- $49,333
- Interest + MI left
- $539,413
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,727 | $228,727 | $355,727 |
| Second mortgage | — | $127,000 | — |
| First P&I | $1,223.25 | $1,223.25 | $2,462.98 |
| Second P&I | — | $931.88 | — |
| Mortgage insurance | $187.79 | $187.79 | $71.15 |
| Taxes, insurance & HOA | $485.58 | $485.58 | $485.58 |
| Total housing payment | $1,896.62 | $2,828.50 | $3,019.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,272
Closing costs & prepaids$12,493
Usable credit−$0
Total buyer cash needed$52,765
Earnest money paid−$0
Remaining funds due$52,765
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,959.99
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)$622.75
Initial HOA (3 months)$384.00
Prepaid interest, first (1 days)$23.31
Prepaid interest, second (1 days)$27.84
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 4 moOf the original 30-year loan at 3.720%
Interest already paid$61,478Through Nov 2026
Assumption only · ends Mar 2050$144,929
Assumption + second · ends Mar 2050, second Dec 2056$353,406
New conventional · ends Dec 2056$539,413