Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,360/mo
Lowest payment- Down payment
- $96,612
- Funds due
- $108,631
- Interest + MI left
- $142,071
- First ends
- Dec 2050
Assumption
Assumption + second
$2,811/mo
+$451/mo- Down payment
- $40,612
- Funds due
- $53,964
- Interest + MI left
- $248,283
- First ends
- Dec 2050
New loan
New conventional
$3,209/mo
+$849/mo- Down payment
- $40,612
- Funds due
- $50,723
- Interest + MI left
- $523,951
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $302,388 | $302,388 | $358,388 |
| Second mortgage | — | $56,000 | — |
| First P&I | $1,400.35 | $1,400.35 | $2,427.85 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $250.38 | $250.38 | $71.68 |
| Taxes, insurance & HOA | $709.58 | $709.58 | $709.58 |
| Total housing payment | $2,360.31 | $2,810.90 | $3,209.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,612
Closing costs & prepaids$13,352
Usable credit−$0
Total buyer cash needed$53,964
Earnest money paid−$0
Remaining funds due$53,964
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$478.75
Initial HOA (3 months)$1,200.00
Prepaid interest, first (6 days)$125.26
Prepaid interest, second (6 days)$82.85
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 2.52%
Interest already paid$49,734Through Dec 2026
Assumption only · ends Dec 2050$142,071
Assumption + second · ends Dec 2050, second Jan 2057$248,283
New conventional · ends Jan 2057$523,951