Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,625/mo
Lowest payment- Down payment
- $183,722
- Funds due
- $194,495
- Interest + MI left
- $129,505
- First ends
- May 2050
Assumption
Assumption + second
$2,674/mo
+$1,049/mo- Down payment
- $40,722
- Funds due
- $52,776
- Interest + MI left
- $364,247
- First ends
- May 2050
New loan
New conventional
$2,883/mo
+$1,258/mo- Down payment
- $40,722
- Funds due
- $49,340
- Interest + MI left
- $544,039
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $215,778 | $215,778 | $358,778 |
| Second mortgage | — | $143,000 | — |
| First P&I | $1,120.13 | $1,120.13 | $2,484.11 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | $177.35 | $177.35 | $71.76 |
| Taxes, insurance & HOA | $327.33 | $327.33 | $327.33 |
| Total housing payment | $1,624.82 | $2,674.10 | $2,883.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,722
Closing costs & prepaids$12,054
Usable credit−$0
Total buyer cash needed$52,776
Earnest money paid−$0
Remaining funds due$52,776
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,995.00
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)$334.00
Initial HOA (3 months)$198.00
Prepaid interest, first (1 days)$20.51
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 6 moOf the original 30-year loan at 3.470%
Interest already paid$52,767Through Nov 2026
Assumption only · ends May 2050$129,505
Assumption + second · ends May 2050, second Dec 2056$364,247
New conventional · ends Dec 2056$544,039