Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,264/mo
Lowest payment- Down payment
- $126,197
- Funds due
- $138,195
- Interest + MI left
- $141,804
- First ends
- Dec 2050
Assumption
Assumption + second
$2,956/mo
+$692/mo- Down payment
- $40,197
- Funds due
- $53,466
- Interest + MI left
- $304,915
- First ends
- Dec 2050
New loan
New conventional
$3,278/mo
+$1,014/mo- Down payment
- $40,197
- Funds due
- $50,043
- Interest + MI left
- $538,012
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,803 | $268,803 | $354,803 |
| Second mortgage | — | $86,000 | — |
| First P&I | $1,293.50 | $1,293.50 | $2,456.58 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | $220.13 | $220.13 | $70.96 |
| Taxes, insurance & HOA | $750.42 | $750.42 | $750.42 |
| Total housing payment | $2,264.04 | $2,956.02 | $3,277.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,197
Closing costs & prepaids$13,269
Usable credit−$0
Total buyer cash needed$53,466
Earnest money paid−$0
Remaining funds due$53,466
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$1,775.00
Initial HOA (3 months)$26.25
Prepaid interest, first (1 days)$21.36
Prepaid interest, second (1 days)$21.21
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 2.900%
Interest already paid$49,876Through Nov 2026
Assumption only · ends Dec 2050$141,804
Assumption + second · ends Dec 2050, second Dec 2056$304,915
New conventional · ends Dec 2056$538,012