Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,651/mo
Lowest payment- Down payment
- $171,940
- Funds due
- $182,668
- Interest + MI left
- $132,841
- First ends
- Aug 2050
Assumption
Assumption + second
$2,612/mo
+$961/mo- Down payment
- $40,940
- Funds due
- $52,975
- Interest + MI left
- $347,884
- First ends
- Aug 2050
New loan
New conventional
$2,881/mo
+$1,230/mo- Down payment
- $40,940
- Funds due
- $49,565
- Interest + MI left
- $552,049
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $233,060 | $233,060 | $364,060 |
| Second mortgage | — | $131,000 | — |
| First P&I | $1,172.18 | $1,172.18 | $2,520.68 |
| Second P&I | — | $961.23 | — |
| Mortgage insurance | $191.26 | $191.26 | $72.81 |
| Taxes, insurance & HOA | $287.33 | $287.33 | $287.33 |
| Total housing payment | $1,650.77 | $2,612.01 | $2,880.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,940
Closing costs & prepaids$12,036
Usable credit−$0
Total buyer cash needed$52,975
Earnest money paid−$0
Remaining funds due$52,975
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,050.00
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)$289.00
Initial HOA (3 months)$123.00
Prepaid interest, first (2 days)$41.25
Prepaid interest, second (2 days)$57.42
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$50,955Through Nov 2026
Assumption only · ends Aug 2050$132,841
Assumption + second · ends Aug 2050, second Dec 2056$347,884
New conventional · ends Dec 2056$552,049