Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,073/mo
Lowest payment- Down payment
- $119,944
- Funds due
- $131,707
- Interest + MI left
- $117,324
- First ends
- Nov 2050
Assumption
Assumption + second
$2,757/mo
+$684/mo- Down payment
- $34,944
- Funds due
- $48,104
- Interest + MI left
- $278,539
- First ends
- Nov 2050
New loan
New conventional
$2,949/mo
+$876/mo- Down payment
- $34,944
- Funds due
- $44,853
- Interest + MI left
- $445,981
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,056 | $220,056 | $305,056 |
| Second mortgage | — | $85,000 | — |
| First P&I | $1,070.81 | $1,070.81 | $2,066.56 |
| Second P&I | — | $683.93 | — |
| Mortgage insurance | $180.83 | $180.83 | $61.01 |
| Taxes, insurance & HOA | $821.00 | $821.00 | $821.00 |
| Total housing payment | $2,072.64 | $2,756.57 | $2,948.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,944
Closing costs & prepaids$13,160
Usable credit−$0
Total buyer cash needed$48,104
Earnest money paid−$0
Remaining funds due$48,104
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$408.00
Initial HOA (3 months)$1,605.00
Prepaid interest, first (7 days)$124.92
Prepaid interest, second (7 days)$146.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 11 moOf the original 30-year loan at 2.96%
Interest already paid$42,935Through Dec 2026
Assumption only · ends Nov 2050$117,324
Assumption + second · ends Nov 2050, second Jan 2057$278,539
New conventional · ends Jan 2057$445,981