Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,611/mo
Lowest payment- Down payment
- $82,977
- Funds due
- $92,898
- Interest + MI left
- $123,236
- First ends
- Dec 2050
Assumption
Assumption + second
$2,014/mo
+$402/mo- Down payment
- $32,977
- Funds due
- $44,222
- Interest + MI left
- $218,069
- First ends
- Dec 2050
New loan
New conventional
$2,280/mo
+$669/mo- Down payment
- $32,977
- Funds due
- $40,995
- Interest + MI left
- $419,618
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $237,023 | $237,023 | $287,023 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,138.45 | $1,138.45 | $1,944.39 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $194.74 | $194.74 | $57.40 |
| Taxes, insurance & HOA | $278.00 | $278.00 | $278.00 |
| Total housing payment | $1,611.19 | $2,013.50 | $2,279.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,977
Closing costs & prepaids$11,244
Usable credit−$0
Total buyer cash needed$44,222
Earnest money paid−$0
Remaining funds due$44,222
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$384.00
Prepaid interest, first (6 days)$111.43
Prepaid interest, second (6 days)$73.97
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 2.86%
Interest already paid$44,063Through Dec 2026
Assumption only · ends Dec 2050$123,236
Assumption + second · ends Dec 2050, second Jan 2057$218,069
New conventional · ends Jan 2057$419,618