Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,946/mo
Lowest payment- Down payment
- $149,858
- Funds due
- $160,975
- Interest + MI left
- $155,140
- First ends
- Dec 2050
Assumption
Assumption + second
$2,717/mo
+$770/mo- Down payment
- $44,858
- Funds due
- $57,248
- Interest + MI left
- $327,503
- First ends
- Dec 2050
New loan
New conventional
$3,117/mo
+$1,171/mo- Down payment
- $44,858
- Funds due
- $53,783
- Interest + MI left
- $597,664
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $289,142 | $289,142 | $394,142 |
| Second mortgage | — | $105,000 | — |
| First P&I | $1,400.30 | $1,400.30 | $2,728.96 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | $236.47 | $236.47 | $78.83 |
| Taxes, insurance & HOA | $309.50 | $309.50 | $309.50 |
| Total housing payment | $1,946.26 | $2,716.72 | $3,117.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,858
Closing costs & prepaids$12,390
Usable credit−$0
Total buyer cash needed$57,248
Earnest money paid−$0
Remaining funds due$57,248
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
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)$324.50
Initial HOA (3 months)$153.99
Prepaid interest, first (1 days)$23.45
Prepaid interest, second (1 days)$23.01
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 2.960%
Interest already paid$54,722Through Nov 2026
Assumption only · ends Dec 2050$155,140
Assumption + second · ends Dec 2050, second Dec 2056$327,503
New conventional · ends Dec 2056$597,664