Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,777/mo
Lowest payment- Down payment
- $201,297
- Funds due
- $212,615
- Interest + MI left
- $138,362
- First ends
- Apr 2050
Assumption
Assumption + second
$2,944/mo
+$1,167/mo- Down payment
- $42,297
- Funds due
- $54,935
- Interest + MI left
- $399,369
- First ends
- Apr 2050
New loan
New conventional
$3,127/mo
+$1,350/mo- Down payment
- $42,297
- Funds due
- $51,501
- Interest + MI left
- $574,329
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,703 | $219,703 | $378,703 |
| Second mortgage | — | $159,000 | — |
| First P&I | $1,167.66 | $1,167.66 | $2,622.06 |
| Second P&I | — | $1,166.69 | — |
| Mortgage insurance | $180.13 | $180.13 | $75.74 |
| Taxes, insurance & HOA | $429.58 | $429.58 | $429.58 |
| Total housing payment | $1,777.38 | $2,944.07 | $3,127.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,297
Closing costs & prepaids$12,638
Usable credit−$0
Total buyer cash needed$54,935
Earnest money paid−$0
Remaining funds due$54,935
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,210.00
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)$619.75
Initial HOA (3 months)$219.00
Prepaid interest, first (2 days)$44.30
Prepaid interest, second (2 days)$69.70
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 5 moOf the original 30-year loan at 3.680%
Interest already paid$57,640Through Nov 2026
Assumption only · ends Apr 2050$138,362
Assumption + second · ends Apr 2050, second Dec 2056$399,369
New conventional · ends Dec 2056$574,329