Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,894/mo
Lowest payment- Down payment
- $140,686
- Funds due
- $154,441
- Interest + MI left
- $187,903
- First ends
- Dec 2050
Assumption
Assumption + second
$3,618/mo
+$724/mo- Down payment
- $50,686
- Funds due
- $65,824
- Interest + MI left
- $358,600
- First ends
- Dec 2050
New loan
New conventional
$4,000/mo
+$1,106/mo- Down payment
- $50,686
- Funds due
- $62,493
- Interest + MI left
- $655,420
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $358,314 | $358,314 | $448,314 |
| Second mortgage | — | $90,000 | — |
| First P&I | $1,726.54 | $1,726.54 | $3,037.04 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | $294.20 | $294.20 | $89.66 |
| Taxes, insurance & HOA | $873.25 | $873.25 | $873.25 |
| Total housing payment | $2,893.99 | $3,618.15 | $3,999.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,686
Closing costs & prepaids$15,138
Usable credit−$0
Total buyer cash needed$65,824
Earnest money paid−$0
Remaining funds due$65,824
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$598.75
Initial HOA (3 months)$1,521.00
Prepaid interest, first (6 days)$170.22
Prepaid interest, second (6 days)$133.15
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$67,287Through Dec 2026
Assumption only · ends Dec 2050$187,903
Assumption + second · ends Dec 2050, second Jan 2057$358,600
New conventional · ends Jan 2057$655,420