Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,338/mo
Lowest payment- Down payment
- $172,830
- Funds due
- $185,289
- Interest + MI left
- $180,053
- First ends
- Sep 2050
Assumption
Assumption + second
$3,226/mo
+$888/mo- Down payment
- $51,830
- Funds due
- $65,699
- Interest + MI left
- $378,681
- First ends
- Sep 2050
New loan
New conventional
$3,601/mo
+$1,263/mo- Down payment
- $51,830
- Funds due
- $62,346
- Interest + MI left
- $669,682
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $337,070 | $337,070 | $458,070 |
| Second mortgage | — | $121,000 | — |
| First P&I | $1,653.34 | $1,653.34 | $3,103.13 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | $278.13 | $278.13 | $91.61 |
| Taxes, insurance & HOA | $406.67 | $406.67 | $406.67 |
| Total housing payment | $2,338.13 | $3,225.99 | $3,601.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,830
Closing costs & prepaids$13,869
Usable credit−$0
Total buyer cash needed$65,699
Earnest money paid−$0
Remaining funds due$65,699
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,099.00
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)$612.00
Initial HOA (3 months)$108.00
Prepaid interest, first (6 days)$165.67
Prepaid interest, second (6 days)$159.12
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 9 moOf the original 30-year loan at 2.99%
Interest already paid$68,414Through Dec 2026
Assumption only · ends Sep 2050$180,053
Assumption + second · ends Sep 2050, second Jan 2057$378,681
New conventional · ends Jan 2057$669,682