Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,078/mo
Lowest payment- Down payment
- $129,485
- Funds due
- $138,785
- Interest + MI left
- $78,487
- First ends
- Nov 2050
Assumption
Assumption + second
$1,819/mo
+$741/mo- Down payment
- $28,485
- Funds due
- $39,079
- Interest + MI left
- $244,284
- First ends
- Nov 2050
New loan
New conventional
$2,006/mo
+$928/mo- Down payment
- $28,485
- Funds due
- $35,776
- Interest + MI left
- $373,758
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $145,515 | $145,515 | $246,515 |
| Second mortgage | — | $101,000 | — |
| First P&I | $708.65 | $708.65 | $1,706.82 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | $119.21 | $119.21 | $49.30 |
| Taxes, insurance & HOA | $250.17 | $250.17 | $250.17 |
| Total housing payment | $1,078.03 | $1,819.13 | $2,006.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,485
Closing costs & prepaids$10,594
Usable credit−$0
Total buyer cash needed$39,079
Earnest money paid−$0
Remaining funds due$39,079
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$166.50
Initial HOA (3 months)$134.01
Prepaid interest, first (2 days)$23.84
Prepaid interest, second (2 days)$44.27
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 30-year loan at 2.990%
Interest already paid$28,238Through Nov 2026
Assumption only · ends Nov 2050$78,487
Assumption + second · ends Nov 2050, second Dec 2056$244,284
New conventional · ends Dec 2056$373,758