Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,526/mo
Lowest payment- Down payment
- $115,202
- Funds due
- $125,383
- Interest + MI left
- $101,230
- First ends
- Nov 2050
Assumption
Assumption + second
$2,202/mo
+$676/mo- Down payment
- $31,202
- Funds due
- $42,654
- Interest + MI left
- $260,548
- First ends
- Nov 2050
New loan
New conventional
$2,416/mo
+$890/mo- Down payment
- $31,202
- Funds due
- $39,312
- Interest + MI left
- $422,664
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $194,698 | $194,698 | $278,698 |
| Second mortgage | — | $84,000 | — |
| First P&I | $935.16 | $935.16 | $1,929.65 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | $159.97 | $159.97 | $55.74 |
| Taxes, insurance & HOA | $430.50 | $430.50 | $430.50 |
| Total housing payment | $1,525.62 | $2,201.51 | $2,415.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,202
Closing costs & prepaids$11,451
Usable credit−$0
Total buyer cash needed$42,654
Earnest money paid−$0
Remaining funds due$42,654
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,099.00
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)$310.50
Initial HOA (3 months)$531.00
Prepaid interest, first (1 days)$15.26
Prepaid interest, second (1 days)$20.71
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 2.860%
Interest already paid$36,195Through Nov 2026
Assumption only · ends Nov 2050$101,230
Assumption + second · ends Nov 2050, second Dec 2056$260,548
New conventional · ends Dec 2056$422,664