Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,479/mo
Lowest payment- Down payment
- $147,806
- Funds due
- $158,052
- Interest + MI left
- $111,623
- First ends
- Dec 2050
Assumption
Assumption + second
$2,293/mo
+$814/mo- Down payment
- $36,806
- Funds due
- $48,326
- Interest + MI left
- $293,835
- First ends
- Dec 2050
New loan
New conventional
$2,587/mo
+$1,109/mo- Down payment
- $36,806
- Funds due
- $44,933
- Interest + MI left
- $490,079
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,193 | $212,193 | $323,193 |
| Second mortgage | — | $111,000 | — |
| First P&I | $1,020.00 | $1,020.00 | $2,237.72 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | $173.81 | $173.81 | $64.64 |
| Taxes, insurance & HOA | $284.84 | $284.84 | $284.84 |
| Total housing payment | $1,478.65 | $2,293.13 | $2,587.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,806
Closing costs & prepaids$11,521
Usable credit−$0
Total buyer cash needed$48,326
Earnest money paid−$0
Remaining funds due$48,326
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.99
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)$267.50
Initial HOA (3 months)$137.01
Prepaid interest, first (1 days)$16.80
Prepaid interest, second (1 days)$24.33
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 yr 1 moOf the original 30-year loan at 2.890%
Interest already paid$39,241Through Nov 2026
Assumption only · ends Dec 2050$111,623
Assumption + second · ends Dec 2050, second Dec 2056$293,835
New conventional · ends Dec 2056$490,079