Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,711/mo
Lowest payment- Down payment
- $181,584
- Funds due
- $192,573
- Interest + MI left
- $131,028
- First ends
- May 2050
Assumption
Assumption + second
$2,745/mo
+$1,035/mo- Down payment
- $40,584
- Funds due
- $52,854
- Interest + MI left
- $362,487
- First ends
- May 2050
New loan
New conventional
$2,958/mo
+$1,247/mo- Down payment
- $40,584
- Funds due
- $49,419
- Interest + MI left
- $544,855
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,316 | $218,316 | $359,316 |
| Second mortgage | — | $141,000 | — |
| First P&I | $1,133.31 | $1,133.31 | $2,487.83 |
| Second P&I | — | $1,034.61 | — |
| Mortgage insurance | $179.44 | $179.44 | $71.86 |
| Taxes, insurance & HOA | $398.00 | $398.00 | $398.00 |
| Total housing payment | $1,710.75 | $2,745.36 | $2,957.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,584
Closing costs & prepaids$12,270
Usable credit−$0
Total buyer cash needed$52,854
Earnest money paid−$0
Remaining funds due$52,854
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$489.00
Initial HOA (3 months)$255.00
Prepaid interest, first (1 days)$20.75
Prepaid interest, second (1 days)$30.90
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 6 moOf the original 30-year loan at 3.470%
Interest already paid$53,388Through Nov 2026
Assumption only · ends May 2050$131,028
Assumption + second · ends May 2050, second Dec 2056$362,487
New conventional · ends Dec 2056$544,855