Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,088/mo
Lowest payment- Down payment
- $191,814
- Funds due
- $203,972
- Interest + MI left
- $153,570
- First ends
- Nov 2050
Assumption
Assumption + second
$3,137/mo
+$1,049/mo- Down payment
- $48,814
- Funds due
- $62,253
- Interest + MI left
- $388,312
- First ends
- Nov 2050
New loan
New conventional
$3,536/mo
+$1,448/mo- Down payment
- $48,814
- Funds due
- $58,748
- Interest + MI left
- $658,385
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $291,186 | $291,186 | $434,186 |
| Second mortgage | — | $143,000 | — |
| First P&I | $1,406.07 | $1,406.07 | $3,006.22 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | $238.97 | $238.97 | $86.84 |
| Taxes, insurance & HOA | $443.08 | $443.08 | $443.08 |
| Total housing payment | $2,088.12 | $3,137.41 | $3,536.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,814
Closing costs & prepaids$13,439
Usable credit−$0
Total buyer cash needed$62,253
Earnest money paid−$0
Remaining funds due$62,253
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,830.00
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)$702.25
Initial HOA (3 months)$126.99
Prepaid interest, first (1 days)$23.22
Prepaid interest, second (1 days)$31.34
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 2.910%
Interest already paid$55,047Through Nov 2026
Assumption only · ends Nov 2050$153,570
Assumption + second · ends Nov 2050, second Dec 2056$388,312
New conventional · ends Dec 2056$658,385