Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,724/mo
Lowest payment- Down payment
- $164,680
- Funds due
- $175,656
- Interest + MI left
- $134,071
- First ends
- Mar 2050
Assumption
Assumption + second
$2,656/mo
+$932/mo- Down payment
- $37,680
- Funds due
- $50,157
- Interest + MI left
- $342,548
- First ends
- Mar 2050
New loan
New conventional
$2,775/mo
+$1,051/mo- Down payment
- $37,680
- Funds due
- $46,883
- Interest + MI left
- $494,680
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,320 | $211,320 | $338,320 |
| Second mortgage | — | $127,000 | — |
| First P&I | $1,134.97 | $1,134.97 | $2,291.90 |
| Second P&I | — | $931.88 | — |
| Mortgage insurance | $173.81 | $173.81 | $67.66 |
| Taxes, insurance & HOA | $415.42 | $415.42 | $415.42 |
| Total housing payment | $1,724.19 | $2,656.07 | $2,774.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,680
Closing costs & prepaids$12,477
Usable credit−$0
Total buyer cash needed$50,157
Earnest money paid−$0
Remaining funds due$50,157
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,760.00
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)$451.25
Initial HOA (3 months)$345.00
Prepaid interest, first (9 days)$194.88
Prepaid interest, second (9 days)$250.52
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 3 moOf the original 30-year loan at 3.74%
Interest already paid$57,879Through Dec 2026
Assumption only · ends Mar 2050$134,071
Assumption + second · ends Mar 2050, second Jan 2057$342,548
New conventional · ends Jan 2057$494,680