Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,776/mo
Lowest payment- Down payment
- $68,046
- Funds due
- $78,740
- Interest + MI left
- $83,951
- First ends
- Nov 2050
Assumption
Assumption + second
$2,138/mo
+$362/mo- Down payment
- $23,046
- Funds due
- $35,001
- Interest + MI left
- $169,299
- First ends
- Nov 2050
New loan
New conventional
$2,324/mo
+$548/mo- Down payment
- $23,046
- Funds due
- $31,738
- Interest + MI left
- $306,235
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $156,953 | $156,953 | $201,953 |
| Second mortgage | — | $45,000 | — |
| First P&I | $761.93 | $761.93 | $1,398.28 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | $128.67 | $128.67 | $40.39 |
| Taxes, insurance & HOA | $885.42 | $885.42 | $885.42 |
| Total housing payment | $1,776.01 | $2,138.09 | $2,324.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,046
Closing costs & prepaids$11,955
Usable credit−$0
Total buyer cash needed$35,001
Earnest money paid−$0
Remaining funds due$35,001
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,249.99
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)$850.25
Initial HOA (3 months)$1,356.00
Prepaid interest, first (1 days)$12.73
Prepaid interest, second (1 days)$11.10
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 yrOf the original 30-year loan at 2.960%
Interest already paid$30,163Through Nov 2026
Assumption only · ends Nov 2050$83,951
Assumption + second · ends Nov 2050, second Dec 2056$169,299
New conventional · ends Dec 2056$306,235