Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,205/mo
Lowest payment- Down payment
- $222,760
- Funds due
- $235,518
- Interest + MI left
- $168,202
- First ends
- Dec 2050
Assumption
Assumption + second
$3,438/mo
+$1,233/mo- Down payment
- $54,760
- Funds due
- $68,989
- Interest + MI left
- $443,983
- First ends
- Dec 2050
New loan
New conventional
$3,791/mo
+$1,586/mo- Down payment
- $54,760
- Funds due
- $65,589
- Interest + MI left
- $707,942
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $316,240 | $316,240 | $484,240 |
| Second mortgage | — | $168,000 | — |
| First P&I | $1,531.93 | $1,531.93 | $3,280.41 |
| Second P&I | — | $1,232.72 | — |
| Mortgage insurance | $259.36 | $259.36 | $96.85 |
| Taxes, insurance & HOA | $413.50 | $413.50 | $413.50 |
| Total housing payment | $2,204.79 | $3,437.51 | $3,790.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,760
Closing costs & prepaids$14,229
Usable credit−$0
Total buyer cash needed$68,989
Earnest money paid−$0
Remaining funds due$68,989
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,390.00
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)$646.75
Initial HOA (3 months)$93.75
Prepaid interest, first (6 days)$152.84
Prepaid interest, second (6 days)$220.93
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 2.94%
Interest already paid$60,378Through Dec 2026
Assumption only · ends Dec 2050$168,202
Assumption + second · ends Dec 2050, second Jan 2057$443,983
New conventional · ends Jan 2057$707,942