Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,152/mo
Lowest payment- Down payment
- $204,228
- Funds due
- $216,937
- Interest + MI left
- $134,029
- First ends
- Oct 2050
Assumption
Assumption + second
$3,311/mo
+$1,159/mo- Down payment
- $46,228
- Funds due
- $60,222
- Interest + MI left
- $393,394
- First ends
- Oct 2050
New loan
New conventional
$3,652/mo
+$1,500/mo- Down payment
- $46,228
- Funds due
- $56,739
- Interest + MI left
- $627,361
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,672 | $255,672 | $413,672 |
| Second mortgage | — | $158,000 | — |
| First P&I | $1,236.24 | $1,236.24 | $2,864.18 |
| Second P&I | — | $1,159.35 | — |
| Mortgage insurance | $210.38 | $210.38 | $82.73 |
| Taxes, insurance & HOA | $705.00 | $705.00 | $705.00 |
| Total housing payment | $2,151.63 | $3,310.98 | $3,651.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,228
Closing costs & prepaids$13,994
Usable credit−$0
Total buyer cash needed$60,222
Earnest money paid−$0
Remaining funds due$60,222
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,599.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,337.00
Initial HOA (3 months)$278.01
Prepaid interest, first (1 days)$20.31
Prepaid interest, second (1 days)$34.63
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 closing23 yr 11 moOf the original 30-year loan at 2.900%
Interest already paid$48,908Through Nov 2026
Assumption only · ends Oct 2050$134,029
Assumption + second · ends Oct 2050, second Dec 2056$393,394
New conventional · ends Dec 2056$627,361