Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,885/mo
Lowest payment- Down payment
- $217,207
- Funds due
- $229,062
- Interest + MI left
- $150,815
- First ends
- Oct 2050
Assumption
Assumption + second
$3,118/mo
+$1,233/mo- Down payment
- $49,207
- Funds due
- $62,349
- Interest + MI left
- $426,596
- First ends
- Oct 2050
New loan
New conventional
$3,440/mo
+$1,555/mo- Down payment
- $49,207
- Funds due
- $58,835
- Interest + MI left
- $660,822
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $267,793 | $267,793 | $435,793 |
| Second mortgage | — | $168,000 | — |
| First P&I | $1,330.84 | $1,330.84 | $3,017.34 |
| Second P&I | — | $1,232.72 | — |
| Mortgage insurance | $219.08 | $219.08 | $87.16 |
| Taxes, insurance & HOA | $335.41 | $335.41 | $335.41 |
| Total housing payment | $1,885.33 | $3,118.06 | $3,439.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,207
Closing costs & prepaids$13,141
Usable credit−$0
Total buyer cash needed$62,349
Earnest money paid−$0
Remaining funds due$62,349
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$346.25
Initial HOA (3 months)$159.99
Prepaid interest, first (1 days)$23.18
Prepaid interest, second (1 days)$36.82
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 3.160%
Interest already paid$55,650Through Nov 2026
Assumption only · ends Oct 2050$150,815
Assumption + second · ends Oct 2050, second Dec 2056$426,596
New conventional · ends Dec 2056$660,822