Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,742/mo
Lowest payment- Down payment
- $223,402
- Funds due
- $237,216
- Interest + MI left
- $213,223
- First ends
- Dec 2050
Assumption
Assumption + second
$3,916/mo
+$1,174/mo- Down payment
- $63,402
- Funds due
- $78,677
- Interest + MI left
- $475,872
- First ends
- Dec 2050
New loan
New conventional
$4,400/mo
+$1,659/mo- Down payment
- $63,402
- Funds due
- $75,258
- Interest + MI left
- $828,460
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $406,598 | $406,598 | $566,598 |
| Second mortgage | — | $160,000 | — |
| First P&I | $1,959.19 | $1,959.19 | $3,838.33 |
| Second P&I | — | $1,174.02 | — |
| Mortgage insurance | $333.84 | $333.84 | $113.32 |
| Taxes, insurance & HOA | $448.67 | $448.67 | $448.67 |
| Total housing payment | $2,741.70 | $3,915.73 | $4,400.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,402
Closing costs & prepaids$15,275
Usable credit−$0
Total buyer cash needed$78,677
Earnest money paid−$0
Remaining funds due$78,677
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,300.00
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)$756.00
Initial HOA (3 months)$90.00
Prepaid interest, first (6 days)$193.16
Prepaid interest, second (6 days)$210.41
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 closing24 yrOf the original 30-year loan at 2.89%
Interest already paid$76,354Through Dec 2026
Assumption only · ends Dec 2050$213,223
Assumption + second · ends Dec 2050, second Jan 2057$475,872
New conventional · ends Jan 2057$828,460