Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,382/mo
Lowest payment- Down payment
- $182,126
- Funds due
- $194,546
- Interest + MI left
- $200,717
- First ends
- Mar 2050
Assumption
Assumption + second
$3,351/mo
+$969/mo- Down payment
- $50,126
- Funds due
- $63,969
- Interest + MI left
- $417,402
- First ends
- Mar 2050
New loan
New conventional
$3,554/mo
+$1,172/mo- Down payment
- $50,126
- Funds due
- $60,581
- Interest + MI left
- $657,790
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $317,874 | $317,874 | $449,874 |
| Second mortgage | — | $132,000 | — |
| First P&I | $1,703.85 | $1,703.85 | $3,047.60 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | $261.56 | $261.56 | $89.97 |
| Taxes, insurance & HOA | $416.67 | $416.67 | $416.67 |
| Total housing payment | $2,382.08 | $3,350.65 | $3,554.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,126
Closing costs & prepaids$13,843
Usable credit−$0
Total buyer cash needed$63,969
Earnest money paid−$0
Remaining funds due$63,969
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$600.00
Initial HOA (3 months)$150.00
Prepaid interest, first (6 days)$194.38
Prepaid interest, second (6 days)$173.59
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 3 moOf the original 30-year loan at 3.72%
Interest already paid$86,619Through Dec 2026
Assumption only · ends Mar 2050$200,717
Assumption + second · ends Mar 2050, second Jan 2057$417,402
New conventional · ends Jan 2057$657,790