Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,613/mo
Lowest payment- Down payment
- $122,261
- Funds due
- $132,648
- Interest + MI left
- $112,566
- First ends
- Oct 2050
Assumption
Assumption + second
$2,329/mo
+$716/mo- Down payment
- $33,261
- Funds due
- $44,941
- Interest + MI left
- $281,367
- First ends
- Oct 2050
New loan
New conventional
$2,539/mo
+$926/mo- Down payment
- $33,261
- Funds due
- $41,601
- Interest + MI left
- $449,873
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,639 | $207,639 | $296,639 |
| Second mortgage | — | $89,000 | — |
| First P&I | $1,016.82 | $1,016.82 | $2,053.87 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | $170.40 | $170.40 | $59.33 |
| Taxes, insurance & HOA | $426.17 | $426.17 | $426.17 |
| Total housing payment | $1,613.38 | $2,329.49 | $2,539.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,261
Closing costs & prepaids$11,681
Usable credit−$0
Total buyer cash needed$44,941
Earnest money paid−$0
Remaining funds due$44,941
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.00
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)$555.50
Initial HOA (3 months)$273.00
Prepaid interest, first (2 days)$34.36
Prepaid interest, second (2 days)$43.89
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 closing23 yr 11 moOf the original 30-year loan at 3.020%
Interest already paid$41,305Through Nov 2026
Assumption only · ends Oct 2050$112,566
Assumption + second · ends Oct 2050, second Dec 2056$281,367
New conventional · ends Dec 2056$449,873