Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,987/mo
Lowest payment- Down payment
- $236,669
- Funds due
- $249,359
- Interest + MI left
- $108,751
- First ends
- Nov 2050
Assumption
Assumption + second
$3,395/mo
+$1,409/mo- Down payment
- $44,669
- Funds due
- $58,651
- Interest + MI left
- $423,930
- First ends
- Nov 2050
New loan
New conventional
$3,649/mo
+$1,662/mo- Down payment
- $44,669
- Funds due
- $55,176
- Interest + MI left
- $599,452
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,321 | $203,321 | $395,321 |
| Second mortgage | — | $192,000 | — |
| First P&I | $987.02 | $987.02 | $2,737.12 |
| Second P&I | — | $1,408.83 | — |
| Mortgage insurance | $166.68 | $166.68 | $79.06 |
| Taxes, insurance & HOA | $832.83 | $832.83 | $832.83 |
| Total housing payment | $1,986.53 | $3,395.35 | $3,649.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,669
Closing costs & prepaids$13,982
Usable credit−$0
Total buyer cash needed$58,651
Earnest money paid−$0
Remaining funds due$58,651
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,399.90
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)$2,010.75
Initial HOA (3 months)$37.74
Prepaid interest, first (1 days)$16.49
Prepaid interest, second (1 days)$42.08
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 2.960%
Interest already paid$39,074Through Nov 2026
Assumption only · ends Nov 2050$108,751
Assumption + second · ends Nov 2050, second Dec 2056$423,930
New conventional · ends Dec 2056$599,452