Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,615/mo
Lowest payment- Down payment
- $114,239
- Funds due
- $124,501
- Interest + MI left
- $116,129
- First ends
- Dec 2050
Assumption
Assumption + second
$2,259/mo
+$644/mo- Down payment
- $34,239
- Funds due
- $45,770
- Interest + MI left
- $267,860
- First ends
- Dec 2050
New loan
New conventional
$2,516/mo
+$901/mo- Down payment
- $34,239
- Funds due
- $42,402
- Interest + MI left
- $456,064
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,761 | $220,761 | $300,761 |
| Second mortgage | — | $80,000 | — |
| First P&I | $1,061.19 | $1,061.19 | $2,082.41 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | $180.82 | $180.82 | $60.15 |
| Taxes, insurance & HOA | $373.00 | $373.00 | $373.00 |
| Total housing payment | $1,615.01 | $2,258.71 | $2,515.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,239
Closing costs & prepaids$11,531
Usable credit−$0
Total buyer cash needed$45,770
Earnest money paid−$0
Remaining funds due$45,770
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$333.00
Initial HOA (3 months)$336.00
Prepaid interest, first (1 days)$17.48
Prepaid interest, second (1 days)$19.73
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 yr 1 moOf the original 30-year loan at 2.890%
Interest already paid$40,825Through Nov 2026
Assumption only · ends Dec 2050$116,129
Assumption + second · ends Dec 2050, second Dec 2056$267,860
New conventional · ends Dec 2056$456,064