Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,638/mo
Lowest payment- Down payment
- $149,142
- Funds due
- $159,777
- Interest + MI left
- $120,749
- First ends
- Dec 2050
Assumption
Assumption + second
$2,452/mo
+$814/mo- Down payment
- $38,142
- Funds due
- $50,076
- Interest + MI left
- $302,961
- First ends
- Dec 2050
New loan
New conventional
$2,776/mo
+$1,139/mo- Down payment
- $38,142
- Funds due
- $46,698
- Interest + MI left
- $518,451
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $230,858 | $230,858 | $341,858 |
| Second mortgage | — | $111,000 | — |
| First P&I | $1,107.35 | $1,107.35 | $2,366.96 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | $189.18 | $189.18 | $68.37 |
| Taxes, insurance & HOA | $341.17 | $341.17 | $341.17 |
| Total housing payment | $1,637.70 | $2,452.17 | $2,776.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,142
Closing costs & prepaids$11,933
Usable credit−$0
Total buyer cash needed$50,076
Earnest money paid−$0
Remaining funds due$50,076
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$411.50
Initial HOA (3 months)$162.00
Prepaid interest, first (2 days)$36.30
Prepaid interest, second (2 days)$48.66
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$42,407Through Nov 2026
Assumption only · ends Dec 2050$120,749
Assumption + second · ends Dec 2050, second Dec 2056$302,961
New conventional · ends Dec 2056$518,451