Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,789/mo
Lowest payment- Down payment
- $134,563
- Funds due
- $145,503
- Interest + MI left
- $130,071
- First ends
- Nov 2050
Assumption
Assumption + second
$2,561/mo
+$772/mo- Down payment
- $38,563
- Funds due
- $50,966
- Interest + MI left
- $312,149
- First ends
- Nov 2050
New loan
New conventional
$2,777/mo
+$988/mo- Down payment
- $38,563
- Funds due
- $47,744
- Interest + MI left
- $499,023
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $245,337 | $245,337 | $341,337 |
| Second mortgage | — | $96,000 | — |
| First P&I | $1,191.31 | $1,191.31 | $2,312.34 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | $201.70 | $201.70 | $68.27 |
| Taxes, insurance & HOA | $396.00 | $396.00 | $396.00 |
| Total housing payment | $1,789.01 | $2,561.44 | $2,776.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,563
Closing costs & prepaids$12,403
Usable credit−$0
Total buyer cash needed$50,966
Earnest money paid−$0
Remaining funds due$50,966
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$456.00
Initial HOA (3 months)$282.00
Prepaid interest, first (9 days)$177.85
Prepaid interest, second (9 days)$213.04
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$47,556Through Dec 2026
Assumption only · ends Nov 2050$130,071
Assumption + second · ends Nov 2050, second Jan 2057$312,149
New conventional · ends Jan 2057$499,023