Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,342/mo
Lowest payment- Down payment
- $131,381
- Funds due
- $143,891
- Interest + MI left
- $128,950
- First ends
- Nov 2050
Assumption
Assumption + second
$3,098/mo
+$756/mo- Down payment
- $37,381
- Funds due
- $51,257
- Interest + MI left
- $307,234
- First ends
- Nov 2050
New loan
New conventional
$3,299/mo
+$957/mo- Down payment
- $37,381
- Funds due
- $47,946
- Interest + MI left
- $486,198
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,519 | $238,519 | $332,519 |
| Second mortgage | — | $94,000 | — |
| First P&I | $1,166.80 | $1,166.80 | $2,252.60 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | $195.78 | $195.78 | $66.50 |
| Taxes, insurance & HOA | $979.42 | $979.42 | $979.42 |
| Total housing payment | $2,342.00 | $3,098.35 | $3,298.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,381
Closing costs & prepaids$13,876
Usable credit−$0
Total buyer cash needed$51,257
Earnest money paid−$0
Remaining funds due$51,257
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.00
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)$943.25
Initial HOA (3 months)$1,545.00
Prepaid interest, first (5 days)$98.35
Prepaid interest, second (5 days)$115.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 3.01%
Interest already paid$47,296Through Dec 2026
Assumption only · ends Nov 2050$128,950
Assumption + second · ends Nov 2050, second Jan 2057$307,234
New conventional · ends Jan 2057$486,198