Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,847/mo
Lowest payment- Down payment
- $167,786
- Funds due
- $179,040
- Interest + MI left
- $144,102
- First ends
- Mar 2050
Assumption
Assumption + second
$2,787/mo
+$939/mo- Down payment
- $39,786
- Funds due
- $52,542
- Interest + MI left
- $354,220
- First ends
- Mar 2050
New loan
New conventional
$2,921/mo
+$1,073/mo- Down payment
- $39,786
- Funds due
- $49,263
- Interest + MI left
- $520,842
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,213 | $228,213 | $356,213 |
| Second mortgage | — | $128,000 | — |
| First P&I | $1,223.25 | $1,223.25 | $2,413.11 |
| Second P&I | — | $939.22 | — |
| Mortgage insurance | $187.79 | $187.79 | $71.24 |
| Taxes, insurance & HOA | $436.42 | $436.42 | $436.42 |
| Total housing payment | $1,847.45 | $2,786.67 | $2,920.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,786
Closing costs & prepaids$12,756
Usable credit−$0
Total buyer cash needed$52,542
Earnest money paid−$0
Remaining funds due$52,542
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,959.99
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)$475.25
Initial HOA (3 months)$384.00
Prepaid interest, first (9 days)$209.33
Prepaid interest, second (9 days)$252.49
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3 moOf the original 30-year loan at 3.72%
Interest already paid$62,187Through Dec 2026
Assumption only · ends Mar 2050$144,102
Assumption + second · ends Mar 2050, second Jan 2057$354,220
New conventional · ends Jan 2057$520,842