Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,630/mo
Lowest payment- Down payment
- $171,974
- Funds due
- $182,962
- Interest + MI left
- $116,840
- First ends
- Oct 2050
Assumption
Assumption + second
$2,599/mo
+$969/mo- Down payment
- $39,974
- Funds due
- $52,472
- Interest + MI left
- $333,525
- First ends
- Oct 2050
New loan
New conventional
$2,825/mo
+$1,195/mo- Down payment
- $39,974
- Funds due
- $49,221
- Interest + MI left
- $511,726
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,026 | $218,026 | $350,026 |
| Second mortgage | — | $132,000 | — |
| First P&I | $1,066.85 | $1,066.85 | $2,371.20 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | $179.47 | $179.47 | $70.01 |
| Taxes, insurance & HOA | $384.00 | $384.00 | $384.00 |
| Total housing payment | $1,630.32 | $2,598.89 | $2,825.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,974
Closing costs & prepaids$12,498
Usable credit−$0
Total buyer cash needed$52,472
Earnest money paid−$0
Remaining funds due$52,472
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$468.00
Initial HOA (3 months)$234.00
Prepaid interest, first (9 days)$160.74
Prepaid interest, second (9 days)$260.38
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 10 moOf the original 30-year loan at 2.99%
Interest already paid$43,603Through Dec 2026
Assumption only · ends Oct 2050$116,840
Assumption + second · ends Oct 2050, second Jan 2057$333,525
New conventional · ends Jan 2057$511,726