Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,765/mo
Lowest payment- Down payment
- $165,996
- Funds due
- $177,046
- Interest + MI left
- $128,440
- First ends
- May 2050
Assumption
Assumption + second
$2,697/mo
+$932/mo- Down payment
- $38,996
- Funds due
- $51,352
- Interest + MI left
- $336,917
- First ends
- May 2050
New loan
New conventional
$2,907/mo
+$1,142/mo- Down payment
- $38,996
- Funds due
- $47,953
- Interest + MI left
- $517,019
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $214,004 | $214,004 | $341,004 |
| Second mortgage | — | $127,000 | — |
| First P&I | $1,110.92 | $1,110.92 | $2,361.04 |
| Second P&I | — | $931.88 | — |
| Mortgage insurance | $175.89 | $175.89 | $68.20 |
| Taxes, insurance & HOA | $477.92 | $477.92 | $477.92 |
| Total housing payment | $1,764.73 | $2,696.61 | $2,907.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,996
Closing costs & prepaids$12,355
Usable credit−$0
Total buyer cash needed$51,352
Earnest money paid−$0
Remaining funds due$51,352
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)$515.75
Initial HOA (3 months)$468.00
Prepaid interest, first (2 days)$40.69
Prepaid interest, second (2 days)$55.67
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 6 moOf the original 30-year loan at 3.470%
Interest already paid$52,334Through Nov 2026
Assumption only · ends May 2050$128,440
Assumption + second · ends May 2050, second Dec 2056$336,917
New conventional · ends Dec 2056$517,019