Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,719/mo
Lowest payment- Down payment
- $274,536
- Funds due
- $287,051
- Interest + MI left
- $115,023
- First ends
- Dec 2050
Assumption
Assumption + second
$3,331/mo
+$1,612/mo- Down payment
- $49,536
- Funds due
- $63,731
- Interest + MI left
- $470,317
- First ends
- Dec 2050
New loan
New conventional
$3,583/mo
+$1,864/mo- Down payment
- $49,536
- Funds due
- $60,387
- Interest + MI left
- $650,611
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,964 | $219,964 | $444,964 |
| Second mortgage | — | $225,000 | — |
| First P&I | $1,058.77 | $1,058.77 | $3,014.34 |
| Second P&I | — | $1,611.93 | — |
| Mortgage insurance | $180.64 | $180.64 | $88.99 |
| Taxes, insurance & HOA | $479.50 | $479.50 | $479.50 |
| Total housing payment | $1,718.91 | $3,330.84 | $3,582.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,536
Closing costs & prepaids$14,195
Usable credit−$0
Total buyer cash needed$63,731
Earnest money paid−$0
Remaining funds due$63,731
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,945.00
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)$593.50
Initial HOA (3 months)$345.00
Prepaid interest, first (9 days)$156.20
Prepaid interest, second (9 days)$429.97
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 2.88%
Interest already paid$41,168Through Dec 2026
Assumption only · ends Dec 2050$115,023
Assumption + second · ends Dec 2050, second Jan 2057$470,317
New conventional · ends Jan 2057$650,611