Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,605/mo
Lowest payment- Down payment
- $186,489
- Funds due
- $199,565
- Interest + MI left
- $209,400
- First ends
- Aug 2050
Assumption
Assumption + second
$3,559/mo
+$954/mo- Down payment
- $56,489
- Funds due
- $71,014
- Interest + MI left
- $422,802
- First ends
- Aug 2050
New loan
New conventional
$3,936/mo
+$1,331/mo- Down payment
- $56,489
- Funds due
- $67,665
- Interest + MI left
- $736,216
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $373,511 | $373,511 | $503,511 |
| Second mortgage | — | $130,000 | — |
| First P&I | $1,873.24 | $1,873.24 | $3,410.96 |
| Second P&I | — | $953.89 | — |
| Mortgage insurance | $307.59 | $307.59 | $100.70 |
| Taxes, insurance & HOA | $424.17 | $424.17 | $424.17 |
| Total housing payment | $2,605.00 | $3,558.89 | $3,935.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,489
Closing costs & prepaids$14,525
Usable credit−$0
Total buyer cash needed$71,014
Earnest money paid−$0
Remaining funds due$71,014
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,600.00
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)$672.00
Initial HOA (3 months)$100.50
Prepaid interest, first (7 days)$227.79
Prepaid interest, second (7 days)$199.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 8 moOf the original 30-year loan at 3.18%
Interest already paid$81,627Through Dec 2026
Assumption only · ends Aug 2050$209,400
Assumption + second · ends Aug 2050, second Jan 2057$422,802
New conventional · ends Jan 2057$736,216