Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,783/mo
Lowest payment- Down payment
- $148,040
- Funds due
- $159,127
- Interest + MI left
- $126,169
- First ends
- Aug 2050
Assumption
Assumption + second
$2,590/mo
+$807/mo- Down payment
- $38,040
- Funds due
- $50,594
- Interest + MI left
- $306,740
- First ends
- Aug 2050
New loan
New conventional
$2,811/mo
+$1,028/mo- Down payment
- $38,040
- Funds due
- $47,366
- Interest + MI left
- $492,545
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $226,860 | $226,860 | $336,860 |
| Second mortgage | — | $110,000 | — |
| First P&I | $1,134.21 | $1,134.21 | $2,282.01 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | $186.95 | $186.95 | $67.37 |
| Taxes, insurance & HOA | $462.00 | $462.00 | $462.00 |
| Total housing payment | $1,783.16 | $2,590.31 | $2,811.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,040
Closing costs & prepaids$12,553
Usable credit−$0
Total buyer cash needed$50,594
Earnest money paid−$0
Remaining funds due$50,594
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,749.00
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)$450.00
Initial HOA (3 months)$486.00
Prepaid interest, first (9 days)$176.20
Prepaid interest, second (9 days)$216.99
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 8 moOf the original 30-year loan at 3.15%
Interest already paid$49,128Through Dec 2026
Assumption only · ends Aug 2050$126,169
Assumption + second · ends Aug 2050, second Jan 2057$306,740
New conventional · ends Jan 2057$492,545