Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,204/mo
Lowest payment- Down payment
- $84,045
- Funds due
- $93,427
- Interest + MI left
- $71,296
- First ends
- Dec 2050
Assumption
Assumption + second
$1,703/mo
+$499/mo- Down payment
- $22,045
- Funds due
- $32,815
- Interest + MI left
- $188,888
- First ends
- Dec 2050
New loan
New conventional
$1,818/mo
+$614/mo- Down payment
- $22,045
- Funds due
- $29,661
- Interest + MI left
- $289,443
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $135,955 | $135,955 | $197,955 |
| Second mortgage | — | $62,000 | — |
| First P&I | $655.10 | $655.10 | $1,341.02 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | $111.63 | $111.63 | $39.59 |
| Taxes, insurance & HOA | $437.00 | $437.00 | $437.00 |
| Total housing payment | $1,203.73 | $1,702.60 | $1,817.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,045
Closing costs & prepaids$10,770
Usable credit−$0
Total buyer cash needed$32,815
Earnest money paid−$0
Remaining funds due$32,815
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,200.00
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)$264.00
Initial HOA (3 months)$597.00
Prepaid interest, first (9 days)$96.88
Prepaid interest, second (9 days)$137.59
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$25,531Through Dec 2026
Assumption only · ends Dec 2050$71,296
Assumption + second · ends Dec 2050, second Jan 2057$188,888
New conventional · ends Jan 2057$289,443