Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$951/mo
Lowest payment- Down payment
- $133,841
- Funds due
- $143,118
- Interest + MI left
- $53,751
- First ends
- Nov 2050
Assumption
Assumption + second
$1,759/mo
+$807/mo- Down payment
- $23,841
- Funds due
- $34,416
- Interest + MI left
- $234,322
- First ends
- Nov 2050
New loan
New conventional
$1,883/mo
+$931/mo- Down payment
- $23,841
- Funds due
- $31,149
- Interest + MI left
- $320,043
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $101,059 | $101,059 | $211,059 |
| Second mortgage | — | $110,000 | — |
| First P&I | $489.55 | $489.55 | $1,461.33 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | $82.88 | $82.88 | $42.21 |
| Taxes, insurance & HOA | $379.00 | $379.00 | $379.00 |
| Total housing payment | $951.43 | $1,758.57 | $1,882.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,841
Closing costs & prepaids$10,575
Usable credit−$0
Total buyer cash needed$34,416
Earnest money paid−$0
Remaining funds due$34,416
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,349.00
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)$432.00
Initial HOA (3 months)$255.00
Prepaid interest, first (2 days)$16.28
Prepaid interest, second (2 days)$48.22
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 yrOf the original 30-year loan at 2.940%
Interest already paid$19,295Through Nov 2026
Assumption only · ends Nov 2050$53,751
Assumption + second · ends Nov 2050, second Dec 2056$234,322
New conventional · ends Dec 2056$320,043