Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,704/mo
Lowest payment- Down payment
- $176,405
- Funds due
- $187,378
- Interest + MI left
- $127,062
- First ends
- Apr 2050
Assumption
Assumption + second
$2,709/mo
+$1,005/mo- Down payment
- $39,405
- Funds due
- $51,689
- Interest + MI left
- $351,954
- First ends
- Apr 2050
New loan
New conventional
$2,917/mo
+$1,212/mo- Down payment
- $39,405
- Funds due
- $48,286
- Interest + MI left
- $531,479
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,495 | $213,495 | $350,495 |
| Second mortgage | — | $137,000 | — |
| First P&I | $1,108.58 | $1,108.58 | $2,426.76 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | $175.96 | $175.96 | $70.10 |
| Taxes, insurance & HOA | $419.67 | $419.67 | $419.67 |
| Total housing payment | $1,704.21 | $2,709.47 | $2,916.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,405
Closing costs & prepaids$12,283
Usable credit−$0
Total buyer cash needed$51,689
Earnest money paid−$0
Remaining funds due$51,689
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.00
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)$533.00
Initial HOA (3 months)$276.00
Prepaid interest, first (2 days)$40.36
Prepaid interest, second (2 days)$60.05
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 3.450%
Interest already paid$52,656Through Nov 2026
Assumption only · ends Apr 2050$127,062
Assumption + second · ends Apr 2050, second Dec 2056$351,954
New conventional · ends Dec 2056$531,479