Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,190/mo
Lowest payment- Down payment
- $127,874
- Funds due
- $139,769
- Interest + MI left
- $142,585
- First ends
- Dec 2050
Assumption
Assumption + second
$2,890/mo
+$700/mo- Down payment
- $40,874
- Funds due
- $54,169
- Interest + MI left
- $307,593
- First ends
- Dec 2050
New loan
New conventional
$3,157/mo
+$967/mo- Down payment
- $40,874
- Funds due
- $50,902
- Interest + MI left
- $523,568
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,126 | $271,126 | $358,126 |
| Second mortgage | — | $87,000 | — |
| First P&I | $1,307.81 | $1,307.81 | $2,426.07 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $222.56 | $222.56 | $71.63 |
| Taxes, insurance & HOA | $659.58 | $659.58 | $659.58 |
| Total housing payment | $2,189.96 | $2,889.98 | $3,157.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,874
Closing costs & prepaids$13,295
Usable credit−$0
Total buyer cash needed$54,169
Earnest money paid−$0
Remaining funds due$54,169
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$478.75
Initial HOA (3 months)$1,050.00
Prepaid interest, first (7 days)$150.79
Prepaid interest, second (7 days)$150.16
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 2.9%
Interest already paid$51,084Through Dec 2026
Assumption only · ends Dec 2050$142,585
Assumption + second · ends Dec 2050, second Jan 2057$307,593
New conventional · ends Jan 2057$523,568