Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,533/mo
Lowest payment- Down payment
- $148,314
- Funds due
- $158,859
- Interest + MI left
- $111,010
- First ends
- Dec 2050
Assumption
Assumption + second
$2,355/mo
+$822/mo- Down payment
- $36,314
- Funds due
- $48,330
- Interest + MI left
- $294,864
- First ends
- Dec 2050
New loan
New conventional
$2,597/mo
+$1,064/mo- Down payment
- $36,314
- Funds due
- $45,118
- Interest + MI left
- $473,281
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,685 | $211,685 | $323,685 |
| Second mortgage | — | $112,000 | — |
| First P&I | $1,020.00 | $1,020.00 | $2,192.75 |
| Second P&I | — | $821.82 | — |
| Mortgage insurance | $173.81 | $173.81 | $64.74 |
| Taxes, insurance & HOA | $339.67 | $339.67 | $339.67 |
| Total housing payment | $1,533.48 | $2,355.30 | $2,597.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,314
Closing costs & prepaids$12,016
Usable credit−$0
Total buyer cash needed$48,330
Earnest money paid−$0
Remaining funds due$48,330
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.99
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)$432.00
Initial HOA (3 months)$137.01
Prepaid interest, first (9 days)$150.85
Prepaid interest, second (9 days)$220.93
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2.89%
Interest already paid$39,752Through Dec 2026
Assumption only · ends Dec 2050$111,010
Assumption + second · ends Dec 2050, second Jan 2057$294,864
New conventional · ends Jan 2057$473,281