Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,991/mo
Lowest payment- Down payment
- $187,632
- Funds due
- $199,492
- Interest + MI left
- $138,016
- First ends
- Dec 2050
Assumption
Assumption + second
$3,032/mo
+$1,042/mo- Down payment
- $45,632
- Funds due
- $58,804
- Interest + MI left
- $371,116
- First ends
- Dec 2050
New loan
New conventional
$3,395/mo
+$1,405/mo- Down payment
- $45,632
- Funds due
- $55,358
- Interest + MI left
- $613,170
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $262,368 | $262,368 | $404,368 |
| Second mortgage | — | $142,000 | — |
| First P&I | $1,261.19 | $1,261.19 | $2,799.76 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | $214.90 | $214.90 | $80.87 |
| Taxes, insurance & HOA | $514.42 | $514.42 | $514.42 |
| Total housing payment | $1,990.51 | $3,032.45 | $3,395.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,632
Closing costs & prepaids$13,172
Usable credit−$0
Total buyer cash needed$58,804
Earnest money paid−$0
Remaining funds due$58,804
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$679.25
Initial HOA (3 months)$414.00
Prepaid interest, first (2 days)$41.55
Prepaid interest, second (2 days)$62.25
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$48,519Through Nov 2026
Assumption only · ends Dec 2050$138,016
Assumption + second · ends Dec 2050, second Dec 2056$371,116
New conventional · ends Dec 2056$613,170