Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,813/mo
Lowest payment- Down payment
- $163,190
- Funds due
- $174,227
- Interest + MI left
- $138,681
- First ends
- Oct 2050
Assumption
Assumption + second
$2,701/mo
+$888/mo- Down payment
- $42,190
- Funds due
- $54,503
- Interest + MI left
- $337,309
- First ends
- Oct 2050
New loan
New conventional
$3,034/mo
+$1,222/mo- Down payment
- $42,190
- Funds due
- $51,060
- Interest + MI left
- $571,458
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,810 | $255,810 | $376,810 |
| Second mortgage | — | $121,000 | — |
| First P&I | $1,252.71 | $1,252.71 | $2,608.96 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | $209.93 | $209.93 | $75.36 |
| Taxes, insurance & HOA | $350.09 | $350.09 | $350.09 |
| Total housing payment | $1,812.72 | $2,700.58 | $3,034.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,190
Closing costs & prepaids$12,313
Usable credit−$0
Total buyer cash needed$54,503
Earnest money paid−$0
Remaining funds due$54,503
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,190.00
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)$430.25
Initial HOA (3 months)$170.01
Prepaid interest, first (1 days)$21.17
Prepaid interest, second (1 days)$26.52
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 11 moOf the original 30-year loan at 3.020%
Interest already paid$50,887Through Nov 2026
Assumption only · ends Oct 2050$138,681
Assumption + second · ends Oct 2050, second Dec 2056$337,309
New conventional · ends Dec 2056$571,458