Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,574/mo
Lowest payment- Down payment
- $188,507
- Funds due
- $201,669
- Interest + MI left
- $196,874
- First ends
- Dec 2050
Assumption
Assumption + second
$3,543/mo
+$969/mo- Down payment
- $56,507
- Funds due
- $71,092
- Interest + MI left
- $413,559
- First ends
- Dec 2050
New loan
New conventional
$3,999/mo
+$1,425/mo- Down payment
- $56,507
- Funds due
- $67,725
- Interest + MI left
- $743,501
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $376,493 | $376,493 | $508,493 |
| Second mortgage | — | $132,000 | — |
| First P&I | $1,812.20 | $1,812.20 | $3,444.71 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | $309.19 | $309.19 | $101.70 |
| Taxes, insurance & HOA | $452.67 | $452.67 | $452.67 |
| Total housing payment | $2,574.06 | $3,542.63 | $3,999.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,507
Closing costs & prepaids$14,585
Usable credit−$0
Total buyer cash needed$71,092
Earnest money paid−$0
Remaining funds due$71,092
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,650.00
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)$678.00
Initial HOA (3 months)$180.00
Prepaid interest, first (6 days)$178.24
Prepaid interest, second (6 days)$173.59
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$70,464Through Dec 2026
Assumption only · ends Dec 2050$196,874
Assumption + second · ends Dec 2050, second Jan 2057$413,559
New conventional · ends Jan 2057$743,501