Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,162/mo
Lowest payment- Down payment
- $223,457
- Funds due
- $236,139
- Interest + MI left
- $155,066
- First ends
- Nov 2050
Assumption
Assumption + second
$3,417/mo
+$1,255/mo- Down payment
- $52,457
- Funds due
- $66,426
- Interest + MI left
- $435,772
- First ends
- Nov 2050
New loan
New conventional
$3,806/mo
+$1,644/mo- Down payment
- $52,457
- Funds due
- $62,884
- Interest + MI left
- $701,385
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $291,543 | $291,543 | $462,543 |
| Second mortgage | — | $171,000 | — |
| First P&I | $1,412.29 | $1,412.29 | $3,202.55 |
| Second P&I | — | $1,254.74 | — |
| Mortgage insurance | $239.11 | $239.11 | $92.51 |
| Taxes, insurance & HOA | $511.08 | $511.08 | $511.08 |
| Total housing payment | $2,162.48 | $3,417.22 | $3,806.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,457
Closing costs & prepaids$13,969
Usable credit−$0
Total buyer cash needed$66,426
Earnest money paid−$0
Remaining funds due$66,426
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$727.25
Initial HOA (3 months)$306.00
Prepaid interest, first (1 days)$23.48
Prepaid interest, second (1 days)$37.48
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 closing24 yrOf the original 30-year loan at 2.940%
Interest already paid$55,663Through Nov 2026
Assumption only · ends Nov 2050$155,066
Assumption + second · ends Nov 2050, second Dec 2056$435,772
New conventional · ends Dec 2056$701,385