Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,164/mo
Lowest payment- Down payment
- $157,451
- Funds due
- $167,131
- Interest + MI left
- $89,800
- First ends
- Aug 2050
Assumption
Assumption + second
$2,081/mo
+$917/mo- Down payment
- $32,451
- Funds due
- $43,436
- Interest + MI left
- $294,994
- First ends
- Aug 2050
New loan
New conventional
$2,255/mo
+$1,091/mo- Down payment
- $32,451
- Funds due
- $40,093
- Interest + MI left
- $428,392
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $157,549 | $157,549 | $282,549 |
| Second mortgage | — | $125,000 | — |
| First P&I | $792.39 | $792.39 | $1,956.31 |
| Second P&I | — | $917.21 | — |
| Mortgage insurance | $129.29 | $129.29 | $56.51 |
| Taxes, insurance & HOA | $242.33 | $242.33 | $242.33 |
| Total housing payment | $1,164.02 | $2,081.23 | $2,255.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,451
Closing costs & prepaids$10,985
Usable credit−$0
Total buyer cash needed$43,436
Earnest money paid−$0
Remaining funds due$43,436
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$178.00
Initial HOA (3 months)$99.00
Prepaid interest, first (2 days)$27.88
Prepaid interest, second (2 days)$54.79
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$34,445Through Nov 2026
Assumption only · ends Aug 2050$89,800
Assumption + second · ends Aug 2050, second Dec 2056$294,994
New conventional · ends Dec 2056$428,392