Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,507/mo
Lowest payment- Down payment
- $156,240
- Funds due
- $169,088
- Interest + MI left
- $153,138
- First ends
- Oct 2050
Assumption
Assumption + second
$3,321/mo
+$814/mo- Down payment
- $45,240
- Funds due
- $59,363
- Interest + MI left
- $335,351
- First ends
- Oct 2050
New loan
New conventional
$3,733/mo
+$1,226/mo- Down payment
- $45,240
- Funds due
- $55,895
- Interest + MI left
- $613,831
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $293,750 | $293,750 | $404,750 |
| Second mortgage | — | $111,000 | — |
| First P&I | $1,420.36 | $1,420.36 | $2,802.41 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | $236.58 | $236.58 | $80.95 |
| Taxes, insurance & HOA | $850.00 | $850.00 | $850.00 |
| Total housing payment | $2,506.94 | $3,321.42 | $3,733.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,240
Closing costs & prepaids$14,123
Usable credit−$0
Total buyer cash needed$59,363
Earnest money paid−$0
Remaining funds due$59,363
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.90
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)$1,125.00
Initial HOA (3 months)$975.00
Prepaid interest, first (1 days)$23.34
Prepaid interest, second (1 days)$24.33
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 29-year loan at 2.900%
Interest already paid$46,392Through Nov 2026
Assumption only · ends Oct 2050$153,138
Assumption + second · ends Oct 2050, second Dec 2056$335,351
New conventional · ends Dec 2056$613,831