Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,047/mo
Lowest payment- Down payment
- $192,414
- Funds due
- $204,633
- Interest + MI left
- $152,710
- First ends
- Nov 2050
Assumption
Assumption + second
$3,104/mo
+$1,057/mo- Down payment
- $48,414
- Funds due
- $62,167
- Interest + MI left
- $389,094
- First ends
- Nov 2050
New loan
New conventional
$3,432/mo
+$1,385/mo- Down payment
- $48,414
- Funds due
- $58,910
- Interest + MI left
- $635,290
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $290,486 | $290,486 | $434,486 |
| Second mortgage | — | $144,000 | — |
| First P&I | $1,406.07 | $1,406.07 | $2,943.36 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | $238.97 | $238.97 | $86.90 |
| Taxes, insurance & HOA | $402.16 | $402.16 | $402.16 |
| Total housing payment | $2,047.21 | $3,103.83 | $3,432.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,414
Closing costs & prepaids$13,753
Usable credit−$0
Total buyer cash needed$62,167
Earnest money paid−$0
Remaining funds due$62,167
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,829.00
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)$579.50
Initial HOA (3 months)$126.99
Prepaid interest, first (9 days)$208.43
Prepaid interest, second (9 days)$284.05
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 2.91%
Interest already paid$55,753Through Dec 2026
Assumption only · ends Nov 2050$152,710
Assumption + second · ends Nov 2050, second Jan 2057$389,094
New conventional · ends Jan 2057$635,290