Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,094/mo
Lowest payment- Down payment
- $262,726
- Funds due
- $273,488
- Interest + MI left
- $66,749
- First ends
- Mar 2050
Assumption
Assumption + second
$2,692/mo
+$1,598/mo- Down payment
- $39,726
- Funds due
- $51,786
- Interest + MI left
- $418,885
- First ends
- Mar 2050
New loan
New conventional
$2,850/mo
+$1,756/mo- Down payment
- $39,726
- Funds due
- $48,351
- Interest + MI left
- $529,628
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $126,274 | $126,274 | $349,274 |
| Second mortgage | — | $223,000 | — |
| First P&I | $630.87 | $630.87 | $2,418.30 |
| Second P&I | — | $1,597.60 | — |
| Mortgage insurance | $100.89 | $100.89 | $69.85 |
| Taxes, insurance & HOA | $362.17 | $362.17 | $362.17 |
| Total housing payment | $1,093.93 | $2,691.53 | $2,850.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,726
Closing costs & prepaids$12,059
Usable credit−$0
Total buyer cash needed$51,786
Earnest money paid−$0
Remaining funds due$51,786
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$411.50
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$10.55
Prepaid interest, second (1 days)$47.35
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 4 moOf the original 28-year loan at 3.050%
Interest already paid$19,171Through Nov 2026
Assumption only · ends Mar 2050$66,749
Assumption + second · ends Mar 2050, second Dec 2056$418,885
New conventional · ends Dec 2056$529,628