Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,411/mo
Lowest payment- Down payment
- $186,282
- Funds due
- $197,014
- Interest + MI left
- $96,166
- First ends
- Sep 2050
Assumption
Assumption + second
$2,512/mo
+$1,101/mo- Down payment
- $36,282
- Funds due
- $48,560
- Interest + MI left
- $342,399
- First ends
- Sep 2050
New loan
New conventional
$2,647/mo
+$1,236/mo- Down payment
- $36,282
- Funds due
- $45,280
- Interest + MI left
- $465,955
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $168,718 | $168,718 | $318,718 |
| Second mortgage | — | $150,000 | — |
| First P&I | $848.57 | $848.57 | $2,159.11 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | $138.46 | $138.46 | $63.74 |
| Taxes, insurance & HOA | $424.00 | $424.00 | $424.00 |
| Total housing payment | $1,411.03 | $2,511.67 | $2,646.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,282
Closing costs & prepaids$12,277
Usable credit−$0
Total buyer cash needed$48,560
Earnest money paid−$0
Remaining funds due$48,560
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$426.00
Initial HOA (3 months)$396.00
Prepaid interest, first (9 days)$134.37
Prepaid interest, second (9 days)$295.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 9 moOf the original 30-year loan at 3.23%
Interest already paid$36,887Through Dec 2026
Assumption only · ends Sep 2050$96,166
Assumption + second · ends Sep 2050, second Jan 2057$342,399
New conventional · ends Jan 2057$465,955