Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,460/mo
Lowest payment- Down payment
- $122,062
- Funds due
- $132,092
- Interest + MI left
- $104,748
- First ends
- Nov 2050
Assumption
Assumption + second
$2,184/mo
+$724/mo- Down payment
- $32,062
- Funds due
- $43,386
- Interest + MI left
- $275,445
- First ends
- Nov 2050
New loan
New conventional
$2,388/mo
+$929/mo- Down payment
- $32,062
- Funds due
- $40,056
- Interest + MI left
- $435,161
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,938 | $196,938 | $286,938 |
| Second mortgage | — | $90,000 | — |
| First P&I | $954.00 | $954.00 | $1,986.70 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | $161.52 | $161.52 | $57.39 |
| Taxes, insurance & HOA | $344.33 | $344.33 | $344.33 |
| Total housing payment | $1,459.86 | $2,184.02 | $2,388.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,062
Closing costs & prepaids$11,324
Usable credit−$0
Total buyer cash needed$43,386
Earnest money paid−$0
Remaining funds due$43,386
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,190.00
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)$358.00
Initial HOA (3 months)$225.00
Prepaid interest, first (2 days)$31.73
Prepaid interest, second (2 days)$44.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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$37,600Through Nov 2026
Assumption only · ends Nov 2050$104,748
Assumption + second · ends Nov 2050, second Dec 2056$275,445
New conventional · ends Dec 2056$435,161