Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,793/mo
Lowest payment- Down payment
- $223,894
- Funds due
- $235,765
- Interest + MI left
- $130,516
- First ends
- Oct 2050
Assumption
Assumption + second
$3,084/mo
+$1,291/mo- Down payment
- $47,894
- Funds due
- $61,054
- Interest + MI left
- $419,429
- First ends
- Oct 2050
New loan
New conventional
$3,418/mo
+$1,626/mo- Down payment
- $47,894
- Funds due
- $57,553
- Interest + MI left
- $647,735
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $251,106 | $251,106 | $427,106 |
| Second mortgage | — | $176,000 | — |
| First P&I | $1,210.31 | $1,210.31 | $2,957.20 |
| Second P&I | — | $1,291.43 | — |
| Mortgage insurance | $206.77 | $206.77 | $85.42 |
| Taxes, insurance & HOA | $375.50 | $375.50 | $375.50 |
| Total housing payment | $1,792.57 | $3,084.00 | $3,418.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,894
Closing costs & prepaids$13,160
Usable credit−$0
Total buyer cash needed$61,054
Earnest money paid−$0
Remaining funds due$61,054
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$368.50
Initial HOA (3 months)$258.00
Prepaid interest, first (1 days)$19.74
Prepaid interest, second (1 days)$38.58
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 2.870%
Interest already paid$47,555Through Nov 2026
Assumption only · ends Oct 2050$130,516
Assumption + second · ends Oct 2050, second Dec 2056$419,429
New conventional · ends Dec 2056$647,735