Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,157/mo
Lowest payment- Down payment
- $83,718
- Funds due
- $92,884
- Interest + MI left
- $71,690
- First ends
- Dec 2050
Assumption
Assumption + second
$1,647/mo
+$491/mo- Down payment
- $22,718
- Funds due
- $33,164
- Interest + MI left
- $187,385
- First ends
- Dec 2050
New loan
New conventional
$1,795/mo
+$639/mo- Down payment
- $22,718
- Funds due
- $29,916
- Interest + MI left
- $299,113
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $136,282 | $136,282 | $197,282 |
| Second mortgage | — | $61,000 | — |
| First P&I | $655.10 | $655.10 | $1,365.94 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | $111.63 | $111.63 | $39.46 |
| Taxes, insurance & HOA | $389.92 | $389.92 | $389.92 |
| Total housing payment | $1,156.65 | $1,647.47 | $1,795.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,718
Closing costs & prepaids$10,446
Usable credit−$0
Total buyer cash needed$33,164
Earnest money paid−$0
Remaining funds due$33,164
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,200.00
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)$122.75
Initial HOA (3 months)$597.00
Prepaid interest, first (2 days)$21.58
Prepaid interest, second (2 days)$30.08
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 yr 1 moOf the original 30-year loan at 2.890%
Interest already paid$25,203Through Nov 2026
Assumption only · ends Dec 2050$71,690
Assumption + second · ends Dec 2050, second Dec 2056$187,385
New conventional · ends Dec 2056$299,113