Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,456/mo
Lowest payment- Down payment
- $129,469
- Funds due
- $141,883
- Interest + MI left
- $180,684
- First ends
- Dec 2050
Assumption
Assumption + second
$3,107/mo
+$652/mo- Down payment
- $48,469
- Funds due
- $62,253
- Interest + MI left
- $334,312
- First ends
- Dec 2050
New loan
New conventional
$3,483/mo
+$1,028/mo- Down payment
- $48,469
- Funds due
- $58,939
- Interest + MI left
- $623,574
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $345,531 | $345,531 | $426,531 |
| Second mortgage | — | $81,000 | — |
| First P&I | $1,663.17 | $1,663.17 | $2,889.47 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | $283.77 | $283.77 | $85.31 |
| Taxes, insurance & HOA | $508.67 | $508.67 | $508.67 |
| Total housing payment | $2,455.60 | $3,107.35 | $3,483.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,469
Closing costs & prepaids$13,784
Usable credit−$0
Total buyer cash needed$62,253
Earnest money paid−$0
Remaining funds due$62,253
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$570.00
Initial HOA (3 months)$456.00
Prepaid interest, first (6 days)$163.58
Prepaid interest, second (6 days)$119.84
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 2.88%
Interest already paid$64,669Through Dec 2026
Assumption only · ends Dec 2050$180,684
Assumption + second · ends Dec 2050, second Jan 2057$334,312
New conventional · ends Jan 2057$623,574