Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,126/mo
Lowest payment- Down payment
- $224,155
- Funds due
- $236,915
- Interest + MI left
- $154,199
- First ends
- Nov 2050
Assumption
Assumption + second
$3,388/mo
+$1,262/mo- Down payment
- $52,155
- Funds due
- $66,504
- Interest + MI left
- $436,546
- First ends
- Nov 2050
New loan
New conventional
$3,703/mo
+$1,577/mo- Down payment
- $52,155
- Funds due
- $63,202
- Interest + MI left
- $676,756
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $290,845 | $290,845 | $462,845 |
| Second mortgage | — | $172,000 | — |
| First P&I | $1,412.29 | $1,412.29 | $3,135.47 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | $239.11 | $239.11 | $92.57 |
| Taxes, insurance & HOA | $474.67 | $474.67 | $474.67 |
| Total housing payment | $2,126.06 | $3,388.14 | $3,702.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,155
Closing costs & prepaids$14,349
Usable credit−$0
Total buyer cash needed$66,504
Earnest money paid−$0
Remaining funds due$66,504
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$618.00
Initial HOA (3 months)$306.00
Prepaid interest, first (9 days)$210.84
Prepaid interest, second (9 days)$339.29
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 11 moOf the original 30-year loan at 2.94%
Interest already paid$56,377Through Dec 2026
Assumption only · ends Nov 2050$154,199
Assumption + second · ends Nov 2050, second Jan 2057$436,546
New conventional · ends Jan 2057$676,756