Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,950/mo
Lowest payment- Down payment
- $98,733
- Funds due
- $109,659
- Interest + MI left
- $129,512
- First ends
- Nov 2050
Assumption
Assumption + second
$2,465/mo
+$515/mo- Down payment
- $34,733
- Funds due
- $46,925
- Interest + MI left
- $250,897
- First ends
- Nov 2050
New loan
New conventional
$2,771/mo
+$820/mo- Down payment
- $34,733
- Funds due
- $43,555
- Interest + MI left
- $470,541
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $246,267 | $246,267 | $310,267 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,187.90 | $1,187.90 | $2,148.23 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $202.15 | $202.15 | $62.05 |
| Taxes, insurance & HOA | $560.33 | $560.33 | $560.33 |
| Total housing payment | $1,950.39 | $2,465.35 | $2,770.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,733
Closing costs & prepaids$12,191
Usable credit−$0
Total buyer cash needed$46,925
Earnest money paid−$0
Remaining funds due$46,925
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$511.00
Initial HOA (3 months)$720.00
Prepaid interest, first (1 days)$19.57
Prepaid interest, second (1 days)$15.78
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 2.900%
Interest already paid$46,400Through Nov 2026
Assumption only · ends Nov 2050$129,512
Assumption + second · ends Nov 2050, second Dec 2056$250,897
New conventional · ends Dec 2056$470,541