Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,578/mo
Lowest payment- Down payment
- $187,240
- Funds due
- $197,960
- Interest + MI left
- $123,834
- First ends
- Jan 2050
Assumption
Assumption + second
$2,672/mo
+$1,093/mo- Down payment
- $38,240
- Funds due
- $50,243
- Interest + MI left
- $368,425
- First ends
- Jan 2050
New loan
New conventional
$2,809/mo
+$1,231/mo- Down payment
- $38,240
- Funds due
- $46,827
- Interest + MI left
- $518,150
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $192,660 | $192,660 | $341,660 |
| Second mortgage | — | $149,000 | — |
| First P&I | $1,044.32 | $1,044.32 | $2,365.58 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | $158.56 | $158.56 | $68.33 |
| Taxes, insurance & HOA | $375.33 | $375.33 | $375.33 |
| Total housing payment | $1,578.21 | $2,671.52 | $2,809.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,240
Closing costs & prepaids$12,003
Usable credit−$0
Total buyer cash needed$50,243
Earnest money paid−$0
Remaining funds due$50,243
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$388.00
Initial HOA (3 months)$288.00
Prepaid interest, first (1 days)$20.11
Prepaid interest, second (1 days)$32.66
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 2 moOf the original 30-year loan at 3.810%
Interest already paid$54,444Through Nov 2026
Assumption only · ends Jan 2050$123,834
Assumption + second · ends Jan 2050, second Dec 2056$368,425
New conventional · ends Dec 2056$518,150