Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,433/mo
Lowest payment- Down payment
- $214,736
- Funds due
- $225,650
- Interest + MI left
- $100,740
- First ends
- Jul 2050
Assumption
Assumption + second
$2,717/mo
+$1,284/mo- Down payment
- $39,736
- Funds due
- $51,977
- Interest + MI left
- $388,011
- First ends
- Jul 2050
New loan
New conventional
$2,888/mo
+$1,456/mo- Down payment
- $39,736
- Funds due
- $48,562
- Interest + MI left
- $527,338
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $172,764 | $172,764 | $347,764 |
| Second mortgage | — | $175,000 | — |
| First P&I | $880.00 | $880.00 | $2,407.85 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | $141.79 | $141.79 | $69.55 |
| Taxes, insurance & HOA | $410.83 | $410.83 | $410.83 |
| Total housing payment | $1,432.63 | $2,716.71 | $2,888.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,736
Closing costs & prepaids$12,241
Usable credit−$0
Total buyer cash needed$51,977
Earnest money paid−$0
Remaining funds due$51,977
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,875.00
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)$503.50
Initial HOA (3 months)$279.00
Prepaid interest, first (2 days)$31.52
Prepaid interest, second (2 days)$76.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.330%
Interest already paid$39,466Through Nov 2026
Assumption only · ends Jul 2050$100,740
Assumption + second · ends Jul 2050, second Dec 2056$388,011
New conventional · ends Dec 2056$527,338