Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,166/mo
Lowest payment- Down payment
- $69,551
- Funds due
- $78,503
- Interest + MI left
- $83,662
- First ends
- Dec 2050
Assumption
Assumption + second
$1,536/mo
+$370/mo- Down payment
- $23,551
- Funds due
- $33,832
- Interest + MI left
- $170,908
- First ends
- Dec 2050
New loan
New conventional
$1,703/mo
+$537/mo- Down payment
- $23,551
- Funds due
- $30,664
- Interest + MI left
- $301,821
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $160,449 | $160,449 | $206,449 |
| Second mortgage | — | $46,000 | — |
| First P&I | $771.48 | $771.48 | $1,398.56 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $131.80 | $131.80 | $41.29 |
| Taxes, insurance & HOA | $263.00 | $263.00 | $263.00 |
| Total housing payment | $1,166.28 | $1,536.40 | $1,702.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,551
Closing costs & prepaids$10,282
Usable credit−$0
Total buyer cash needed$33,832
Earnest money paid−$0
Remaining funds due$33,832
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,300.00
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)$276.00
Initial HOA (3 months)$63.00
Prepaid interest, first (7 days)$88.31
Prepaid interest, second (7 days)$79.40
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 2.87%
Interest already paid$29,929Through Dec 2026
Assumption only · ends Dec 2050$83,662
Assumption + second · ends Dec 2050, second Jan 2057$170,908
New conventional · ends Jan 2057$301,821