Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,546/mo
Lowest payment- Down payment
- $152,095
- Funds due
- $162,725
- Interest + MI left
- $109,696
- First ends
- Nov 2050
Assumption
Assumption + second
$2,398/mo
+$851/mo- Down payment
- $36,095
- Funds due
- $48,204
- Interest + MI left
- $300,116
- First ends
- Nov 2050
New loan
New conventional
$2,624/mo
+$1,077/mo- Down payment
- $36,095
- Funds due
- $44,985
- Interest + MI left
- $472,141
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,905 | $206,905 | $322,905 |
| Second mortgage | — | $116,000 | — |
| First P&I | $1,004.69 | $1,004.69 | $2,187.47 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | $170.10 | $170.10 | $64.58 |
| Taxes, insurance & HOA | $371.58 | $371.58 | $371.58 |
| Total housing payment | $1,546.37 | $2,397.54 | $2,623.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,095
Closing costs & prepaids$12,109
Usable credit−$0
Total buyer cash needed$48,204
Earnest money paid−$0
Remaining funds due$48,204
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,590.00
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)$430.75
Initial HOA (3 months)$234.00
Prepaid interest, first (9 days)$149.99
Prepaid interest, second (9 days)$228.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 30-year loan at 2.94%
Interest already paid$40,106Through Dec 2026
Assumption only · ends Nov 2050$109,696
Assumption + second · ends Nov 2050, second Jan 2057$300,116
New conventional · ends Jan 2057$472,141