Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,193/mo
Lowest payment- Down payment
- $193,760
- Funds due
- $206,193
- Interest + MI left
- $168,202
- First ends
- Dec 2050
Assumption
Assumption + second
$3,235/mo
+$1,042/mo- Down payment
- $51,760
- Funds due
- $65,630
- Interest + MI left
- $401,303
- First ends
- Dec 2050
New loan
New conventional
$3,598/mo
+$1,405/mo- Down payment
- $51,760
- Funds due
- $62,264
- Interest + MI left
- $669,931
- 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 | $458,240 |
| Second mortgage | — | $142,000 | — |
| First P&I | $1,531.93 | $1,531.93 | $3,104.28 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | $259.36 | $259.36 | $91.65 |
| Taxes, insurance & HOA | $401.92 | $401.92 | $401.92 |
| Total housing payment | $2,193.21 | $3,235.15 | $3,597.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,760
Closing costs & prepaids$13,870
Usable credit−$0
Total buyer cash needed$65,630
Earnest money paid−$0
Remaining funds due$65,630
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,100.00
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)$612.00
Initial HOA (3 months)$93.75
Prepaid interest, first (6 days)$152.84
Prepaid interest, second (6 days)$186.74
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$401,303
New conventional · ends Jan 2057$669,931