Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,739/mo
Lowest payment- Down payment
- $201,791
- Funds due
- $213,149
- Interest + MI left
- $137,574
- First ends
- Apr 2050
Assumption
Assumption + second
$2,906/mo
+$1,167/mo- Down payment
- $42,791
- Funds due
- $55,713
- Interest + MI left
- $398,581
- First ends
- Apr 2050
New loan
New conventional
$3,029/mo
+$1,290/mo- Down payment
- $42,791
- Funds due
- $52,392
- Interest + MI left
- $552,928
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,209 | $219,209 | $378,209 |
| Second mortgage | — | $159,000 | — |
| First P&I | $1,167.66 | $1,167.66 | $2,562.12 |
| Second P&I | — | $1,166.69 | — |
| Mortgage insurance | $180.13 | $180.13 | $75.64 |
| Taxes, insurance & HOA | $391.42 | $391.42 | $391.42 |
| Total housing payment | $1,739.21 | $2,905.90 | $3,029.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,791
Closing costs & prepaids$12,922
Usable credit−$0
Total buyer cash needed$55,713
Earnest money paid−$0
Remaining funds due$55,713
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,210.00
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)$505.25
Initial HOA (3 months)$219.00
Prepaid interest, first (9 days)$198.91
Prepaid interest, second (9 days)$313.64
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 4 moOf the original 30-year loan at 3.68%
Interest already paid$58,314Through Dec 2026
Assumption only · ends Apr 2050$137,574
Assumption + second · ends Apr 2050, second Jan 2057$398,581
New conventional · ends Jan 2057$552,928