Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,058/mo
Lowest payment- Down payment
- $190,233
- Funds due
- $202,590
- Interest + MI left
- $142,015
- First ends
- Nov 2050
Assumption
Assumption + second
$3,108/mo
+$1,049/mo- Down payment
- $47,233
- Funds due
- $61,122
- Interest + MI left
- $376,757
- First ends
- Nov 2050
New loan
New conventional
$3,426/mo
+$1,368/mo- Down payment
- $47,233
- Funds due
- $57,863
- Interest + MI left
- $610,761
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,767 | $274,767 | $417,767 |
| Second mortgage | — | $143,000 | — |
| First P&I | $1,324.35 | $1,324.35 | $2,830.10 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | $221.42 | $221.42 | $83.55 |
| Taxes, insurance & HOA | $512.67 | $512.67 | $512.67 |
| Total housing payment | $2,058.44 | $3,107.72 | $3,426.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,233
Closing costs & prepaids$13,890
Usable credit−$0
Total buyer cash needed$61,122
Earnest money paid−$0
Remaining funds due$61,122
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
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)$558.00
Initial HOA (3 months)$480.00
Prepaid interest, first (9 days)$194.44
Prepaid interest, second (9 days)$282.08
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 29-year loan at 2.87%
Interest already paid$42,958Through Dec 2026
Assumption only · ends Nov 2050$142,015
Assumption + second · ends Nov 2050, second Jan 2057$376,757
New conventional · ends Jan 2057$610,761