Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,109/mo
Lowest payment- Down payment
- $177,134
- Funds due
- $189,089
- Interest + MI left
- $146,703
- First ends
- Oct 2050
Assumption
Assumption + second
$3,077/mo
+$969/mo- Down payment
- $45,134
- Funds due
- $58,368
- Interest + MI left
- $363,388
- First ends
- Oct 2050
New loan
New conventional
$3,437/mo
+$1,328/mo- Down payment
- $45,134
- Funds due
- $54,897
- Interest + MI left
- $614,007
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $272,866 | $272,866 | $404,866 |
| Second mortgage | — | $132,000 | — |
| First P&I | $1,332.01 | $1,332.01 | $2,803.21 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | $224.08 | $224.08 | $80.97 |
| Taxes, insurance & HOA | $552.50 | $552.50 | $552.50 |
| Total housing payment | $2,108.59 | $3,077.15 | $3,436.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,134
Closing costs & prepaids$13,234
Usable credit−$0
Total buyer cash needed$58,368
Earnest money paid−$0
Remaining funds due$58,368
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)$427.50
Initial HOA (3 months)$780.00
Prepaid interest, first (1 days)$22.35
Prepaid interest, second (1 days)$28.93
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2.990%
Interest already paid$53,760Through Nov 2026
Assumption only · ends Oct 2050$146,703
Assumption + second · ends Oct 2050, second Dec 2056$363,388
New conventional · ends Dec 2056$614,007