Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,679/mo
Lowest payment- Down payment
- $233,738
- Funds due
- $245,798
- Interest + MI left
- $88,148
- First ends
- Nov 2050
Assumption
Assumption + second
$3,095/mo
+$1,416/mo- Down payment
- $40,738
- Funds due
- $54,302
- Interest + MI left
- $404,968
- First ends
- Nov 2050
New loan
New conventional
$3,241/mo
+$1,562/mo- Down payment
- $40,738
- Funds due
- $50,935
- Interest + MI left
- $525,229
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,262 | $166,262 | $359,262 |
| Second mortgage | — | $193,000 | — |
| First P&I | $807.34 | $807.34 | $2,433.77 |
| Second P&I | — | $1,416.17 | — |
| Mortgage insurance | $136.69 | $136.69 | $71.85 |
| Taxes, insurance & HOA | $735.00 | $735.00 | $735.00 |
| Total housing payment | $1,679.03 | $3,095.19 | $3,240.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,738
Closing costs & prepaids$13,564
Usable credit−$0
Total buyer cash needed$54,302
Earnest money paid−$0
Remaining funds due$54,302
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$480.00
Initial HOA (3 months)$1,275.00
Prepaid interest, first (6 days)$80.35
Prepaid interest, second (6 days)$253.81
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 11 moOf the original 30-year loan at 2.94%
Interest already paid$32,228Through Dec 2026
Assumption only · ends Nov 2050$88,148
Assumption + second · ends Nov 2050, second Jan 2057$404,968
New conventional · ends Jan 2057$525,229