Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,792/mo
Lowest payment- Down payment
- $147,503
- Funds due
- $158,458
- Interest + MI left
- $126,885
- First ends
- Aug 2050
Assumption
Assumption + second
$2,599/mo
+$807/mo- Down payment
- $37,503
- Funds due
- $49,733
- Interest + MI left
- $307,456
- First ends
- Aug 2050
New loan
New conventional
$2,874/mo
+$1,082/mo- Down payment
- $37,503
- Funds due
- $46,332
- Interest + MI left
- $511,685
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $227,397 | $227,397 | $337,397 |
| Second mortgage | — | $110,000 | — |
| First P&I | $1,134.21 | $1,134.21 | $2,336.07 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | $186.95 | $186.95 | $67.48 |
| Taxes, insurance & HOA | $470.58 | $470.58 | $470.58 |
| Total housing payment | $1,791.75 | $2,598.89 | $2,874.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,503
Closing costs & prepaids$12,229
Usable credit−$0
Total buyer cash needed$49,733
Earnest money paid−$0
Remaining funds due$49,733
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,749.00
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)$475.75
Initial HOA (3 months)$486.00
Prepaid interest, first (1 days)$19.62
Prepaid interest, second (1 days)$24.11
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 9 moOf the original 30-year loan at 3.150%
Interest already paid$48,531Through Nov 2026
Assumption only · ends Aug 2050$126,885
Assumption + second · ends Aug 2050, second Dec 2056$307,456
New conventional · ends Dec 2056$511,685