Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,512/mo
Lowest payment- Down payment
- $141,124
- Funds due
- $151,312
- Interest + MI left
- $115,707
- First ends
- Mar 2050
Assumption
Assumption + second
$2,305/mo
+$792/mo- Down payment
- $33,124
- Funds due
- $44,586
- Interest + MI left
- $292,995
- First ends
- Mar 2050
New loan
New conventional
$2,454/mo
+$942/mo- Down payment
- $33,124
- Funds due
- $41,222
- Interest + MI left
- $440,012
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $182,175 | $182,175 | $290,175 |
| Second mortgage | — | $108,000 | — |
| First P&I | $975.27 | $975.27 | $2,009.11 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | $149.53 | $149.53 | $58.04 |
| Taxes, insurance & HOA | $387.34 | $387.34 | $387.34 |
| Total housing payment | $1,512.14 | $2,304.60 | $2,454.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,124
Closing costs & prepaids$11,462
Usable credit−$0
Total buyer cash needed$44,586
Earnest money paid−$0
Remaining funds due$44,586
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,232.99
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)$530.00
Initial HOA (3 months)$182.01
Prepaid interest, first (1 days)$18.62
Prepaid interest, second (1 days)$23.67
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 30-year loan at 3.730%
Interest already paid$49,091Through Nov 2026
Assumption only · ends Mar 2050$115,707
Assumption + second · ends Mar 2050, second Dec 2056$292,995
New conventional · ends Dec 2056$440,012