Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,199/mo
Lowest payment- Down payment
- $69,164
- Funds due
- $78,151
- Interest + MI left
- $84,124
- First ends
- Dec 2050
Assumption
Assumption + second
$1,569/mo
+$370/mo- Down payment
- $23,164
- Funds due
- $33,424
- Interest + MI left
- $171,370
- First ends
- Dec 2050
New loan
New conventional
$1,769/mo
+$570/mo- Down payment
- $23,164
- Funds due
- $30,178
- Interest + MI left
- $313,681
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $160,836 | $160,836 | $206,836 |
| Second mortgage | — | $46,000 | — |
| First P&I | $771.48 | $771.48 | $1,432.09 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $131.80 | $131.80 | $41.37 |
| Taxes, insurance & HOA | $295.75 | $295.75 | $295.75 |
| Total housing payment | $1,199.03 | $1,569.15 | $1,769.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,164
Closing costs & prepaids$10,260
Usable credit−$0
Total buyer cash needed$33,424
Earnest money paid−$0
Remaining funds due$33,424
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,300.00
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)$374.25
Initial HOA (3 months)$63.00
Prepaid interest, first (2 days)$25.29
Prepaid interest, second (2 days)$22.68
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 yr 1 moOf the original 30-year loan at 2.870%
Interest already paid$29,544Through Nov 2026
Assumption only · ends Dec 2050$84,124
Assumption + second · ends Dec 2050, second Dec 2056$171,370
New conventional · ends Dec 2056$313,681