Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,146/mo
Lowest payment- Down payment
- $177,786
- Funds due
- $190,032
- Interest + MI left
- $145,880
- First ends
- Oct 2050
Assumption
Assumption + second
$3,115/mo
+$969/mo- Down payment
- $45,786
- Funds due
- $59,542
- Interest + MI left
- $362,565
- First ends
- Oct 2050
New loan
New conventional
$3,409/mo
+$1,263/mo- Down payment
- $45,786
- Funds due
- $56,289
- Interest + MI left
- $590,947
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $272,214 | $272,214 | $404,214 |
| Second mortgage | — | $132,000 | — |
| First P&I | $1,332.01 | $1,332.01 | $2,738.29 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | $224.08 | $224.08 | $80.84 |
| Taxes, insurance & HOA | $590.00 | $590.00 | $590.00 |
| Total housing payment | $2,146.09 | $3,114.65 | $3,409.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,786
Closing costs & prepaids$13,756
Usable credit−$0
Total buyer cash needed$59,542
Earnest money paid−$0
Remaining funds due$59,542
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Initial HOA (3 months)$780.00
Prepaid interest, first (9 days)$200.69
Prepaid interest, second (9 days)$260.38
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 10 moOf the original 30-year loan at 2.99%
Interest already paid$54,440Through Dec 2026
Assumption only · ends Oct 2050$145,880
Assumption + second · ends Oct 2050, second Jan 2057$362,565
New conventional · ends Jan 2057$590,947