Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,559/mo
Lowest payment- Down payment
- $143,591
- Funds due
- $153,961
- Interest + MI left
- $115,934
- First ends
- Aug 2050
Assumption
Assumption + second
$2,352/mo
+$792/mo- Down payment
- $35,591
- Funds due
- $47,235
- Interest + MI left
- $293,221
- First ends
- Aug 2050
New loan
New conventional
$2,588/mo
+$1,028/mo- Down payment
- $35,591
- Funds due
- $43,851
- Interest + MI left
- $472,194
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,398 | $203,398 | $311,398 |
| Second mortgage | — | $108,000 | — |
| First P&I | $1,022.99 | $1,022.99 | $2,156.06 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | $166.92 | $166.92 | $62.28 |
| Taxes, insurance & HOA | $369.17 | $369.17 | $369.17 |
| Total housing payment | $1,559.08 | $2,351.55 | $2,587.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,591
Closing costs & prepaids$11,644
Usable credit−$0
Total buyer cash needed$47,235
Earnest money paid−$0
Remaining funds due$47,235
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,469.89
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)$402.50
Initial HOA (3 months)$255.00
Prepaid interest, first (1 days)$18.00
Prepaid interest, second (1 days)$23.67
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 9 moOf the original 30-year loan at 3.230%
Interest already paid$44,469Through Nov 2026
Assumption only · ends Aug 2050$115,934
Assumption + second · ends Aug 2050, second Dec 2056$293,221
New conventional · ends Dec 2056$472,194