Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,004/mo
Lowest payment- Down payment
- $162,841
- Funds due
- $174,516
- Interest + MI left
- $134,506
- First ends
- Dec 2050
Assumption
Assumption + second
$2,885/mo
+$881/mo- Down payment
- $42,841
- Funds due
- $55,793
- Interest + MI left
- $331,492
- First ends
- Dec 2050
New loan
New conventional
$3,247/mo
+$1,243/mo- Down payment
- $42,841
- Funds due
- $52,345
- Interest + MI left
- $571,912
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,159 | $257,159 | $377,159 |
| Second mortgage | — | $120,000 | — |
| First P&I | $1,233.51 | $1,233.51 | $2,611.37 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | $210.73 | $210.73 | $75.43 |
| Taxes, insurance & HOA | $560.17 | $560.17 | $560.17 |
| Total housing payment | $2,004.41 | $2,884.93 | $3,246.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,841
Closing costs & prepaids$12,952
Usable credit−$0
Total buyer cash needed$55,793
Earnest money paid−$0
Remaining funds due$55,793
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$987.50
Initial HOA (3 months)$243.00
Prepaid interest, first (1 days)$20.22
Prepaid interest, second (1 days)$26.30
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 2.870%
Interest already paid$47,238Through Nov 2026
Assumption only · ends Dec 2050$134,506
Assumption + second · ends Dec 2050, second Dec 2056$331,492
New conventional · ends Dec 2056$571,912