Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,894/mo
Lowest payment- Down payment
- $92,581
- Funds due
- $103,616
- Interest + MI left
- $110,012
- First ends
- Dec 2050
Assumption
Assumption + second
$2,393/mo
+$499/mo- Down payment
- $30,581
- Funds due
- $42,957
- Interest + MI left
- $227,604
- First ends
- Dec 2050
New loan
New conventional
$2,599/mo
+$705/mo- Down payment
- $30,581
- Funds due
- $39,728
- Interest + MI left
- $393,881
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,419 | $207,419 | $269,419 |
| Second mortgage | — | $62,000 | — |
| First P&I | $1,003.71 | $1,003.71 | $1,825.14 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | $170.15 | $170.15 | $53.88 |
| Taxes, insurance & HOA | $720.00 | $720.00 | $720.00 |
| Total housing payment | $1,893.86 | $2,392.73 | $2,599.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,581
Closing costs & prepaids$12,377
Usable credit−$0
Total buyer cash needed$42,957
Earnest money paid−$0
Remaining funds due$42,957
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$360.00
Initial HOA (3 months)$1,350.00
Prepaid interest, first (6 days)$99.90
Prepaid interest, second (6 days)$91.73
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 2.93%
Interest already paid$39,471Through Dec 2026
Assumption only · ends Dec 2050$110,012
Assumption + second · ends Dec 2050, second Jan 2057$227,604
New conventional · ends Jan 2057$393,881