Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,990/mo
Lowest payment- Down payment
- $229,168
- Funds due
- $244,025
- Interest + MI left
- $176,987
- First ends
- Sep 2050
Assumption
Assumption + second
$4,230/mo
+$1,240/mo- Down payment
- $60,168
- Funds due
- $76,349
- Interest + MI left
- $454,409
- First ends
- Sep 2050
New loan
New conventional
$4,785/mo
+$1,795/mo- Down payment
- $60,168
- Funds due
- $72,789
- Interest + MI left
- $817,175
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $369,832 | $369,832 | $538,832 |
| Second mortgage | — | $169,000 | — |
| First P&I | $1,736.24 | $1,736.24 | $3,730.76 |
| Second P&I | — | $1,240.06 | — |
| Mortgage insurance | $307.20 | $307.20 | $107.77 |
| Taxes, insurance & HOA | $946.42 | $946.42 | $946.42 |
| Total housing payment | $2,989.86 | $4,229.92 | $4,784.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,168
Closing costs & prepaids$16,181
Usable credit−$0
Total buyer cash needed$76,349
Earnest money paid−$0
Remaining funds due$76,349
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,990.00
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)$989.25
Initial HOA (3 months)$1,350.00
Prepaid interest, first (2 days)$52.69
Prepaid interest, second (2 days)$74.08
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 closing23 yr 10 moOf the original 30-year loan at 2.600%
Interest already paid$64,622Through Nov 2026
Assumption only · ends Sep 2050$176,987
Assumption + second · ends Sep 2050, second Dec 2056$454,409
New conventional · ends Dec 2056$817,175