Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,035/mo
Lowest payment- Down payment
- $183,640
- Funds due
- $195,557
- Interest + MI left
- $153,852
- First ends
- Nov 2050
Assumption
Assumption + second
$3,033/mo
+$998/mo- Down payment
- $47,640
- Funds due
- $60,837
- Interest + MI left
- $377,103
- First ends
- Nov 2050
New loan
New conventional
$3,426/mo
+$1,391/mo- Down payment
- $47,640
- Funds due
- $57,343
- Interest + MI left
- $644,935
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $289,260 | $289,260 | $425,260 |
| Second mortgage | — | $136,000 | — |
| First P&I | $1,401.23 | $1,401.23 | $2,944.41 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | $237.24 | $237.24 | $85.05 |
| Taxes, insurance & HOA | $396.42 | $396.42 | $396.42 |
| Total housing payment | $2,034.88 | $3,032.80 | $3,425.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,640
Closing costs & prepaids$13,196
Usable credit−$0
Total buyer cash needed$60,837
Earnest money paid−$0
Remaining funds due$60,837
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,729.00
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)$464.25
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$23.30
Prepaid interest, second (1 days)$29.81
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$55,227Through Nov 2026
Assumption only · ends Nov 2050$153,852
Assumption + second · ends Nov 2050, second Dec 2056$377,103
New conventional · ends Dec 2056$644,935