Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,160/mo
Lowest payment- Down payment
- $67,201
- Funds due
- $78,413
- Interest + MI left
- $138,101
- First ends
- Oct 2050
Assumption
Assumption + second
$2,434/mo
+$274/mo- Down payment
- $33,201
- Funds due
- $45,713
- Interest + MI left
- $202,587
- First ends
- Oct 2050
New loan
New conventional
$2,721/mo
+$561/mo- Down payment
- $33,201
- Funds due
- $42,498
- Interest + MI left
- $426,454
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,699 | $257,699 | $291,699 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,260.98 | $1,260.98 | $1,976.07 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | $212.13 | $212.13 | $58.34 |
| Taxes, insurance & HOA | $687.00 | $687.00 | $687.00 |
| Total housing payment | $2,160.11 | $2,433.68 | $2,721.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,201
Closing costs & prepaids$12,512
Usable credit−$0
Total buyer cash needed$45,713
Earnest money paid−$0
Remaining funds due$45,713
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,249.00
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)$390.00
Initial HOA (3 months)$1,221.00
Prepaid interest, first (6 days)$126.66
Prepaid interest, second (6 days)$50.30
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 10 moOf the original 30-year loan at 2.99%
Interest already paid$51,537Through Dec 2026
Assumption only · ends Oct 2050$138,101
Assumption + second · ends Oct 2050, second Jan 2057$202,587
New conventional · ends Jan 2057$426,454