Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,931/mo
Lowest payment- Down payment
- $179,215
- Funds due
- $190,822
- Interest + MI left
- $137,183
- First ends
- Dec 2050
Assumption
Assumption + second
$2,921/mo
+$991/mo- Down payment
- $44,215
- Funds due
- $57,131
- Interest + MI left
- $358,793
- First ends
- Dec 2050
New loan
New conventional
$3,283/mo
+$1,352/mo- Down payment
- $44,215
- Funds due
- $53,699
- Interest + MI left
- $600,235
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $260,785 | $260,785 | $395,785 |
| Second mortgage | — | $135,000 | — |
| First P&I | $1,253.58 | $1,253.58 | $2,740.34 |
| Second P&I | — | $990.58 | — |
| Mortgage insurance | $213.61 | $213.61 | $79.16 |
| Taxes, insurance & HOA | $463.50 | $463.50 | $463.50 |
| Total housing payment | $1,930.68 | $2,921.27 | $3,282.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,215
Closing costs & prepaids$12,916
Usable credit−$0
Total buyer cash needed$57,131
Earnest money paid−$0
Remaining funds due$57,131
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
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)$634.50
Initial HOA (3 months)$306.00
Prepaid interest, first (2 days)$41.30
Prepaid interest, second (2 days)$59.18
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 yr 1 moOf the original 30-year loan at 2.890%
Interest already paid$48,227Through Nov 2026
Assumption only · ends Dec 2050$137,183
Assumption + second · ends Dec 2050, second Dec 2056$358,793
New conventional · ends Dec 2056$600,235