Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,534/mo
Lowest payment- Down payment
- $107,153
- Funds due
- $117,227
- Interest + MI left
- $104,623
- First ends
- Oct 2050
Assumption
Assumption + second
$2,146/mo
+$612/mo- Down payment
- $31,153
- Funds due
- $42,496
- Interest + MI left
- $248,768
- First ends
- Oct 2050
New loan
New conventional
$2,377/mo
+$843/mo- Down payment
- $31,153
- Funds due
- $39,156
- Interest + MI left
- $421,366
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,842 | $201,842 | $277,842 |
| Second mortgage | — | $76,000 | — |
| First P&I | $973.89 | $973.89 | $1,923.72 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | $162.62 | $162.62 | $55.57 |
| Taxes, insurance & HOA | $397.75 | $397.75 | $397.75 |
| Total housing payment | $1,534.26 | $2,145.78 | $2,377.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,153
Closing costs & prepaids$11,343
Usable credit−$0
Total buyer cash needed$42,496
Earnest money paid−$0
Remaining funds due$42,496
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,089.95
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)$488.25
Initial HOA (3 months)$255.00
Prepaid interest, first (1 days)$15.93
Prepaid interest, second (1 days)$18.74
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 29-year loan at 2.880%
Interest already paid$31,663Through Nov 2026
Assumption only · ends Oct 2050$104,623
Assumption + second · ends Oct 2050, second Dec 2056$248,768
New conventional · ends Dec 2056$421,366