Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,414/mo
Lowest payment- Down payment
- $151,953
- Funds due
- $162,282
- Interest + MI left
- $94,584
- First ends
- Oct 2050
Assumption
Assumption + second
$2,287/mo
+$873/mo- Down payment
- $32,953
- Funds due
- $44,584
- Interest + MI left
- $289,929
- First ends
- Oct 2050
New loan
New conventional
$2,486/mo
+$1,072/mo- Down payment
- $32,953
- Funds due
- $41,240
- Interest + MI left
- $435,060
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,947 | $167,947 | $286,947 |
| Second mortgage | — | $119,000 | — |
| First P&I | $834.64 | $834.64 | $1,986.76 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | $137.40 | $137.40 | $57.39 |
| Taxes, insurance & HOA | $442.17 | $442.17 | $442.17 |
| Total housing payment | $1,414.21 | $2,287.39 | $2,486.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,953
Closing costs & prepaids$11,632
Usable credit−$0
Total buyer cash needed$44,584
Earnest money paid−$0
Remaining funds due$44,584
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$606.50
Initial HOA (3 months)$270.00
Prepaid interest, first (2 days)$29.08
Prepaid interest, second (2 days)$52.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 11 moOf the original 30-year loan at 3.160%
Interest already paid$34,901Through Nov 2026
Assumption only · ends Oct 2050$94,584
Assumption + second · ends Oct 2050, second Dec 2056$289,929
New conventional · ends Dec 2056$435,060