Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,069/mo
Lowest payment- Down payment
- $184,333
- Funds due
- $196,539
- Interest + MI left
- $152,991
- First ends
- Nov 2050
Assumption
Assumption + second
$3,075/mo
+$1,005/mo- Down payment
- $47,333
- Funds due
- $61,059
- Interest + MI left
- $377,883
- First ends
- Nov 2050
New loan
New conventional
$3,399/mo
+$1,330/mo- Down payment
- $47,333
- Funds due
- $57,810
- Interest + MI left
- $622,249
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $288,567 | $288,567 | $425,567 |
| Second mortgage | — | $137,000 | — |
| First P&I | $1,401.23 | $1,401.23 | $2,882.94 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | $237.24 | $237.24 | $85.11 |
| Taxes, insurance & HOA | $430.83 | $430.83 | $430.83 |
| Total housing payment | $2,069.29 | $3,074.55 | $3,398.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,333
Closing costs & prepaids$13,726
Usable credit−$0
Total buyer cash needed$61,059
Earnest money paid−$0
Remaining funds due$61,059
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,729.00
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)$567.50
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$209.19
Prepaid interest, second (9 days)$270.25
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$55,936Through Dec 2026
Assumption only · ends Nov 2050$152,991
Assumption + second · ends Nov 2050, second Jan 2057$377,883
New conventional · ends Jan 2057$622,249