Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,112/mo
Lowest payment- Down payment
- $189,567
- Funds due
- $201,934
- Interest + MI left
- $142,815
- First ends
- Nov 2050
Assumption
Assumption + second
$3,161/mo
+$1,049/mo- Down payment
- $46,567
- Funds due
- $60,247
- Interest + MI left
- $377,557
- First ends
- Nov 2050
New loan
New conventional
$3,547/mo
+$1,435/mo- Down payment
- $46,567
- Funds due
- $56,794
- Interest + MI left
- $634,582
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $275,433 | $275,433 | $418,433 |
| Second mortgage | — | $143,000 | — |
| First P&I | $1,324.35 | $1,324.35 | $2,897.15 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | $221.42 | $221.42 | $83.69 |
| Taxes, insurance & HOA | $566.17 | $566.17 | $566.17 |
| Total housing payment | $2,111.94 | $3,161.22 | $3,547.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,567
Closing costs & prepaids$13,679
Usable credit−$0
Total buyer cash needed$60,247
Earnest money paid−$0
Remaining funds due$60,247
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$718.50
Initial HOA (3 months)$480.00
Prepaid interest, first (2 days)$43.31
Prepaid interest, second (2 days)$62.68
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 yrOf the original 29-year loan at 2.870%
Interest already paid$42,299Through Nov 2026
Assumption only · ends Nov 2050$142,815
Assumption + second · ends Nov 2050, second Dec 2056$377,557
New conventional · ends Dec 2056$634,582