Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,517/mo
Lowest payment- Down payment
- $151,599
- Funds due
- $162,023
- Interest + MI left
- $110,313
- First ends
- Nov 2050
Assumption
Assumption + second
$2,360/mo
+$844/mo- Down payment
- $36,599
- Funds due
- $48,323
- Interest + MI left
- $299,091
- First ends
- Nov 2050
New loan
New conventional
$2,639/mo
+$1,122/mo- Down payment
- $36,599
- Funds due
- $44,954
- Interest + MI left
- $488,878
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,401 | $207,401 | $322,401 |
| Second mortgage | — | $115,000 | — |
| First P&I | $1,004.69 | $1,004.69 | $2,232.24 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | $170.10 | $170.10 | $64.48 |
| Taxes, insurance & HOA | $341.83 | $341.83 | $341.83 |
| Total housing payment | $1,516.62 | $2,360.45 | $2,638.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,599
Closing costs & prepaids$11,724
Usable credit−$0
Total buyer cash needed$48,323
Earnest money paid−$0
Remaining funds due$48,323
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,590.00
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)$341.50
Initial HOA (3 months)$234.00
Prepaid interest, first (2 days)$33.41
Prepaid interest, second (2 days)$50.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing24 yrOf the original 30-year loan at 2.940%
Interest already paid$39,598Through Nov 2026
Assumption only · ends Nov 2050$110,313
Assumption + second · ends Nov 2050, second Dec 2056$299,091
New conventional · ends Dec 2056$488,878