Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,861/mo
Lowest payment- Down payment
- $242,960
- Funds due
- $255,067
- Interest + MI left
- $144,284
- First ends
- Sep 2050
Assumption
Assumption + second
$3,270/mo
+$1,409/mo- Down payment
- $50,960
- Funds due
- $64,359
- Interest + MI left
- $459,462
- First ends
- Sep 2050
New loan
New conventional
$3,569/mo
+$1,708/mo- Down payment
- $50,960
- Funds due
- $60,826
- Interest + MI left
- $680,910
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,040 | $257,040 | $449,040 |
| Second mortgage | — | $192,000 | — |
| First P&I | $1,280.39 | $1,280.39 | $3,109.06 |
| Second P&I | — | $1,408.83 | — |
| Mortgage insurance | $210.78 | $210.78 | $89.81 |
| Taxes, insurance & HOA | $370.00 | $370.00 | $370.00 |
| Total housing payment | $1,861.17 | $3,270.00 | $3,568.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,960
Closing costs & prepaids$13,399
Usable credit−$0
Total buyer cash needed$64,359
Earnest money paid−$0
Remaining funds due$64,359
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$424.00
Initial HOA (3 months)$186.00
Prepaid interest, first (1 days)$22.25
Prepaid interest, second (1 days)$42.08
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 10 moOf the original 30-year loan at 3.160%
Interest already paid$54,219Through Nov 2026
Assumption only · ends Sep 2050$144,284
Assumption + second · ends Sep 2050, second Dec 2056$459,462
New conventional · ends Dec 2056$680,910