Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,182/mo
Lowest payment- Down payment
- $147,185
- Funds due
- $159,063
- Interest + MI left
- $172,295
- First ends
- Nov 2050
Assumption
Assumption + second
$2,916/mo
+$734/mo- Down payment
- $47,185
- Funds due
- $60,445
- Interest + MI left
- $336,451
- First ends
- Nov 2050
New loan
New conventional
$3,279/mo
+$1,097/mo- Down payment
- $47,185
- Funds due
- $57,127
- Interest + MI left
- $610,915
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $317,815 | $317,815 | $417,815 |
| Second mortgage | — | $100,000 | — |
| First P&I | $1,556.35 | $1,556.35 | $2,830.42 |
| Second P&I | — | $733.76 | — |
| Mortgage insurance | $260.81 | $260.81 | $83.56 |
| Taxes, insurance & HOA | $365.17 | $365.17 | $365.17 |
| Total housing payment | $2,182.33 | $2,916.09 | $3,279.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,185
Closing costs & prepaids$13,260
Usable credit−$0
Total buyer cash needed$60,445
Earnest money paid−$0
Remaining funds due$60,445
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
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)$558.00
Initial HOA (3 months)$37.50
Prepaid interest, first (6 days)$157.78
Prepaid interest, second (6 days)$131.51
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 3.02%
Interest already paid$63,222Through Dec 2026
Assumption only · ends Nov 2050$172,295
Assumption + second · ends Nov 2050, second Jan 2057$336,451
New conventional · ends Jan 2057$610,915