Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,668/mo
Lowest payment- Down payment
- $171,452
- Funds due
- $182,410
- Interest + MI left
- $117,499
- First ends
- Oct 2050
Assumption
Assumption + second
$2,637/mo
+$969/mo- Down payment
- $39,452
- Funds due
- $51,689
- Interest + MI left
- $334,184
- First ends
- Oct 2050
New loan
New conventional
$2,919/mo
+$1,251/mo- Down payment
- $39,452
- Funds due
- $48,269
- Interest + MI left
- $531,560
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,548 | $218,548 | $350,548 |
| Second mortgage | — | $132,000 | — |
| First P&I | $1,066.85 | $1,066.85 | $2,427.12 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | $179.47 | $179.47 | $70.11 |
| Taxes, insurance & HOA | $421.75 | $421.75 | $421.75 |
| Total housing payment | $1,668.07 | $2,636.64 | $2,918.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,452
Closing costs & prepaids$12,237
Usable credit−$0
Total buyer cash needed$51,689
Earnest money paid−$0
Remaining funds due$51,689
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$581.25
Initial HOA (3 months)$234.00
Prepaid interest, first (1 days)$17.90
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$43,058Through Nov 2026
Assumption only · ends Oct 2050$117,499
Assumption + second · ends Oct 2050, second Dec 2056$334,184
New conventional · ends Dec 2056$531,560