Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,499/mo
Lowest payment- Down payment
- $177,751
- Funds due
- $188,533
- Interest + MI left
- $98,474
- First ends
- Nov 2050
Assumption
Assumption + second
$2,534/mo
+$1,035/mo- Down payment
- $36,751
- Funds due
- $48,845
- Interest + MI left
- $329,933
- First ends
- Nov 2050
New loan
New conventional
$2,781/mo
+$1,281/mo- Down payment
- $36,751
- Funds due
- $45,468
- Interest + MI left
- $497,812
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,249 | $187,249 | $328,249 |
| Second mortgage | — | $141,000 | — |
| First P&I | $903.22 | $903.22 | $2,272.73 |
| Second P&I | — | $1,034.61 | — |
| Mortgage insurance | $153.71 | $153.71 | $65.65 |
| Taxes, insurance & HOA | $442.25 | $442.25 | $442.25 |
| Total housing payment | $1,499.17 | $2,533.78 | $2,780.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,751
Closing costs & prepaids$12,093
Usable credit−$0
Total buyer cash needed$48,845
Earnest money paid−$0
Remaining funds due$48,845
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$758.00
Initial HOA (3 months)$118.74
Prepaid interest, first (2 days)$29.75
Prepaid interest, second (2 days)$61.81
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 2.900%
Interest already paid$35,281Through Nov 2026
Assumption only · ends Nov 2050$98,474
Assumption + second · ends Nov 2050, second Dec 2056$329,933
New conventional · ends Dec 2056$497,812