Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,564/mo
Lowest payment- Down payment
- $201,471
- Funds due
- $212,428
- Interest + MI left
- $118,625
- First ends
- Nov 2050
Assumption
Assumption + second
$2,731/mo
+$1,167/mo- Down payment
- $42,471
- Funds due
- $54,748
- Interest + MI left
- $379,632
- First ends
- Nov 2050
New loan
New conventional
$3,022/mo
+$1,458/mo- Down payment
- $42,471
- Funds due
- $51,323
- Interest + MI left
- $579,373
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,029 | $223,029 | $382,029 |
| Second mortgage | — | $159,000 | — |
| First P&I | $1,080.39 | $1,080.39 | $2,645.09 |
| Second P&I | — | $1,166.69 | — |
| Mortgage insurance | $182.92 | $182.92 | $76.41 |
| Taxes, insurance & HOA | $300.58 | $300.58 | $300.58 |
| Total housing payment | $1,563.89 | $2,730.58 | $3,022.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,471
Closing costs & prepaids$12,277
Usable credit−$0
Total buyer cash needed$54,748
Earnest money paid−$0
Remaining funds due$54,748
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,245.00
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)$406.50
Initial HOA (3 months)$45.24
Prepaid interest, first (2 days)$35.93
Prepaid interest, second (2 days)$69.70
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 yrOf the original 30-year loan at 2.940%
Interest already paid$42,582Through Nov 2026
Assumption only · ends Nov 2050$118,625
Assumption + second · ends Nov 2050, second Dec 2056$379,632
New conventional · ends Dec 2056$579,373