Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,731/mo
Lowest payment- Down payment
- $204,401
- Funds due
- $215,670
- Interest + MI left
- $139,256
- First ends
- Apr 2050
Assumption
Assumption + second
$2,913/mo
+$1,181/mo- Down payment
- $43,401
- Funds due
- $56,132
- Interest + MI left
- $403,546
- First ends
- Apr 2050
New loan
New conventional
$3,042/mo
+$1,311/mo- Down payment
- $43,401
- Funds due
- $52,756
- Interest + MI left
- $562,201
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,499 | $223,499 | $384,499 |
| Second mortgage | — | $161,000 | — |
| First P&I | $1,186.93 | $1,186.93 | $2,604.73 |
| Second P&I | — | $1,181.36 | — |
| Mortgage insurance | $183.79 | $183.79 | $76.90 |
| Taxes, insurance & HOA | $360.50 | $360.50 | $360.50 |
| Total housing payment | $1,731.22 | $2,912.58 | $3,042.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,401
Closing costs & prepaids$12,731
Usable credit−$0
Total buyer cash needed$56,132
Earnest money paid−$0
Remaining funds due$56,132
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,279.00
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)$513.50
Initial HOA (3 months)$117.99
Prepaid interest, first (6 days)$134.10
Prepaid interest, second (6 days)$211.73
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 4 moOf the original 30-year loan at 3.65%
Interest already paid$58,992Through Dec 2026
Assumption only · ends Apr 2050$139,256
Assumption + second · ends Apr 2050, second Jan 2057$403,546
New conventional · ends Jan 2057$562,201