Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,100/mo
Lowest payment- Down payment
- $398,885
- Funds due
- $411,423
- Interest + MI left
- $59,842
- First ends
- Dec 2050
Assumption
Assumption + second
$3,586/mo
+$2,486/mo- Down payment
- $51,885
- Funds due
- $66,189
- Interest + MI left
- $607,785
- First ends
- Dec 2050
New loan
New conventional
$3,673/mo
+$2,572/mo- Down payment
- $51,885
- Funds due
- $62,677
- Interest + MI left
- $674,225
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $114,114 | $114,114 | $461,114 |
| Second mortgage | — | $347,000 | — |
| First P&I | $549.86 | $549.86 | $3,123.75 |
| Second P&I | — | $2,485.95 | — |
| Mortgage insurance | $93.69 | $93.69 | $92.22 |
| Taxes, insurance & HOA | $456.83 | $456.83 | $456.83 |
| Total housing payment | $1,100.39 | $3,586.34 | $3,672.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,885
Closing costs & prepaids$14,304
Usable credit−$0
Total buyer cash needed$66,189
Earnest money paid−$0
Remaining funds due$66,189
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,129.99
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$615.50
Initial HOA (3 months)$255.00
Prepaid interest, first (7 days)$63.25
Prepaid interest, second (7 days)$515.75
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 closing24 yrOf the original 30-year loan at 2.89%
Interest already paid$21,429Through Dec 2026
Assumption only · ends Dec 2050$59,842
Assumption + second · ends Dec 2050, second Jan 2057$607,785
New conventional · ends Jan 2057$674,225