Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,588/mo
Lowest payment- Down payment
- $265,929
- Funds due
- $278,098
- Interest + MI left
- $103,800
- First ends
- Dec 2050
Assumption
Assumption + second
$3,157/mo
+$1,569/mo- Down payment
- $46,929
- Funds due
- $60,766
- Interest + MI left
- $449,619
- First ends
- Dec 2050
New loan
New conventional
$3,383/mo
+$1,795/mo- Down payment
- $46,929
- Funds due
- $57,428
- Interest + MI left
- $611,287
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $199,070 | $199,070 | $418,070 |
| Second mortgage | — | $219,000 | — |
| First P&I | $957.18 | $957.18 | $2,832.15 |
| Second P&I | — | $1,568.94 | — |
| Mortgage insurance | $163.52 | $163.52 | $83.61 |
| Taxes, insurance & HOA | $467.67 | $467.67 | $467.67 |
| Total housing payment | $1,588.37 | $3,157.31 | $3,383.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,929
Closing costs & prepaids$13,837
Usable credit−$0
Total buyer cash needed$60,766
Earnest money paid−$0
Remaining funds due$60,766
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,649.99
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)$558.00
Initial HOA (3 months)$345.00
Prepaid interest, first (9 days)$140.88
Prepaid interest, second (9 days)$418.50
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 2.87%
Interest already paid$37,133Through Dec 2026
Assumption only · ends Dec 2050$103,800
Assumption + second · ends Dec 2050, second Jan 2057$449,619
New conventional · ends Jan 2057$611,287