Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,878/mo
Lowest payment- Down payment
- $121,516
- Funds due
- $132,234
- Interest + MI left
- $147,332
- First ends
- Aug 2050
Assumption
Assumption + second
$2,546/mo
+$668/mo- Down payment
- $38,516
- Funds due
- $50,525
- Interest + MI left
- $304,753
- First ends
- Aug 2050
New loan
New conventional
$2,798/mo
+$920/mo- Down payment
- $38,516
- Funds due
- $47,142
- Interest + MI left
- $517,815
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $258,484 | $258,484 | $341,484 |
| Second mortgage | — | $83,000 | — |
| First P&I | $1,300.05 | $1,300.05 | $2,364.37 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | $212.13 | $212.13 | $68.30 |
| Taxes, insurance & HOA | $365.75 | $365.75 | $365.75 |
| Total housing payment | $1,877.93 | $2,545.76 | $2,798.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,516
Closing costs & prepaids$12,009
Usable credit−$0
Total buyer cash needed$50,525
Earnest money paid−$0
Remaining funds due$50,525
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$479.25
Initial HOA (3 months)$168.00
Prepaid interest, first (2 days)$45.75
Prepaid interest, second (2 days)$40.93
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 9 moOf the original 30-year loan at 3.230%
Interest already paid$56,513Through Nov 2026
Assumption only · ends Aug 2050$147,332
Assumption + second · ends Aug 2050, second Dec 2056$304,753
New conventional · ends Dec 2056$517,815