Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,679/mo
Lowest payment- Down payment
- $228,663
- Funds due
- $240,668
- Interest + MI left
- $88,684
- First ends
- Nov 2050
Assumption
Assumption + second
$3,066/mo
+$1,387/mo- Down payment
- $39,663
- Funds due
- $53,166
- Interest + MI left
- $398,937
- First ends
- Nov 2050
New loan
New conventional
$3,211/mo
+$1,532/mo- Down payment
- $39,663
- Funds due
- $49,810
- Interest + MI left
- $519,561
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,337 | $166,337 | $355,337 |
| Second mortgage | — | $189,000 | — |
| First P&I | $809.41 | $809.41 | $2,407.18 |
| Second P&I | — | $1,386.82 | — |
| Mortgage insurance | $136.69 | $136.69 | $71.07 |
| Taxes, insurance & HOA | $733.00 | $733.00 | $733.00 |
| Total housing payment | $1,679.10 | $3,065.91 | $3,211.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,663
Closing costs & prepaids$13,503
Usable credit−$0
Total buyer cash needed$53,166
Earnest money paid−$0
Remaining funds due$53,166
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$474.00
Initial HOA (3 months)$1,275.00
Prepaid interest, first (6 days)$80.94
Prepaid interest, second (6 days)$248.55
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 11 moOf the original 30-year loan at 2.96%
Interest already paid$32,454Through Dec 2026
Assumption only · ends Nov 2050$88,684
Assumption + second · ends Nov 2050, second Jan 2057$398,937
New conventional · ends Jan 2057$519,561