Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,521/mo
Lowest payment- Down payment
- $83,503
- Funds due
- $93,341
- Interest + MI left
- $112,130
- First ends
- Nov 2050
Assumption
Assumption + second
$1,955/mo
+$434/mo- Down payment
- $29,503
- Funds due
- $40,711
- Interest + MI left
- $214,549
- First ends
- Nov 2050
New loan
New conventional
$2,172/mo
+$651/mo- Down payment
- $29,503
- Funds due
- $37,563
- Interest + MI left
- $388,201
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,497 | $211,497 | $265,497 |
| Second mortgage | — | $54,000 | — |
| First P&I | $1,026.99 | $1,026.99 | $1,798.57 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | $173.88 | $173.88 | $53.10 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $1,520.86 | $1,955.36 | $2,171.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,503
Closing costs & prepaids$11,208
Usable credit−$0
Total buyer cash needed$40,711
Earnest money paid−$0
Remaining funds due$40,711
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$354.00
Initial HOA (3 months)$156.00
Prepaid interest, first (9 days)$153.32
Prepaid interest, second (9 days)$119.84
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2.94%
Interest already paid$40,996Through Dec 2026
Assumption only · ends Nov 2050$112,130
Assumption + second · ends Nov 2050, second Jan 2057$214,549
New conventional · ends Jan 2057$388,201