Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,435/mo
Lowest payment- Down payment
- $191,124
- Funds due
- $201,841
- Interest + MI left
- $96,872
- First ends
- Sep 2050
Assumption
Assumption + second
$2,565/mo
+$1,130/mo- Down payment
- $37,124
- Funds due
- $49,125
- Interest + MI left
- $349,671
- First ends
- Sep 2050
New loan
New conventional
$2,780/mo
+$1,345/mo- Down payment
- $37,124
- Funds due
- $45,723
- Interest + MI left
- $504,677
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $178,776 | $178,776 | $332,776 |
| Second mortgage | — | $154,000 | — |
| First P&I | $878.49 | $878.49 | $2,304.07 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | $147.03 | $147.03 | $66.56 |
| Taxes, insurance & HOA | $409.58 | $409.58 | $409.58 |
| Total housing payment | $1,435.10 | $2,565.10 | $2,780.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,124
Closing costs & prepaids$12,001
Usable credit−$0
Total buyer cash needed$49,125
Earnest money paid−$0
Remaining funds due$49,125
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.00
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)$577.75
Initial HOA (3 months)$201.00
Prepaid interest, first (1 days)$14.84
Prepaid interest, second (1 days)$33.75
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 10 moOf the original 30-year loan at 3.030%
Interest already paid$36,214Through Nov 2026
Assumption only · ends Sep 2050$96,872
Assumption + second · ends Sep 2050, second Dec 2056$349,671
New conventional · ends Dec 2056$504,677