Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,635/mo
Lowest payment- Down payment
- $122,588
- Funds due
- $132,840
- Interest + MI left
- $128,073
- First ends
- Oct 2050
Assumption
Assumption + second
$2,335/mo
+$700/mo- Down payment
- $35,588
- Funds due
- $47,111
- Interest + MI left
- $293,081
- First ends
- Oct 2050
New loan
New conventional
$2,559/mo
+$924/mo- Down payment
- $35,588
- Funds due
- $43,728
- Interest + MI left
- $476,763
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $227,411 | $227,411 | $314,411 |
| Second mortgage | — | $87,000 | — |
| First P&I | $1,130.15 | $1,130.15 | $2,176.92 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $186.05 | $186.05 | $62.88 |
| Taxes, insurance & HOA | $319.09 | $319.09 | $319.09 |
| Total housing payment | $1,635.29 | $2,335.31 | $2,558.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,588
Closing costs & prepaids$11,523
Usable credit−$0
Total buyer cash needed$47,111
Earnest money paid−$0
Remaining funds due$47,111
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.99
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)$367.25
Initial HOA (3 months)$140.01
Prepaid interest, first (1 days)$19.69
Prepaid interest, second (1 days)$21.45
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$47,258Through Nov 2026
Assumption only · ends Oct 2050$128,073
Assumption + second · ends Oct 2050, second Dec 2056$293,081
New conventional · ends Dec 2056$476,763