Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,442/mo
Lowest payment- Down payment
- $95,848
- Funds due
- $108,030
- Interest + MI left
- $142,852
- First ends
- Dec 2050
Assumption
Assumption + second
$2,885/mo
+$443/mo- Down payment
- $40,848
- Funds due
- $54,307
- Interest + MI left
- $247,167
- First ends
- Dec 2050
New loan
New conventional
$3,343/mo
+$901/mo- Down payment
- $40,848
- Funds due
- $50,925
- Interest + MI left
- $543,090
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $303,152 | $303,152 | $358,152 |
| Second mortgage | — | $55,000 | — |
| First P&I | $1,400.35 | $1,400.35 | $2,479.77 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | $250.38 | $250.38 | $71.63 |
| Taxes, insurance & HOA | $791.67 | $791.67 | $791.67 |
| Total housing payment | $2,442.39 | $2,884.94 | $3,343.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,848
Closing costs & prepaids$13,459
Usable credit−$0
Total buyer cash needed$54,307
Earnest money paid−$0
Remaining funds due$54,307
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$725.00
Initial HOA (3 months)$1,200.00
Prepaid interest, first (2 days)$41.86
Prepaid interest, second (2 days)$27.12
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 2.520%
Interest already paid$49,098Through Nov 2026
Assumption only · ends Dec 2050$142,852
Assumption + second · ends Dec 2050, second Dec 2056$247,167
New conventional · ends Dec 2056$543,090