Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,628/mo
Lowest payment- Down payment
- $189,857
- Funds due
- $201,014
- Interest + MI left
- $119,732
- First ends
- Dec 2050
Assumption
Assumption + second
$2,714/mo
+$1,086/mo- Down payment
- $41,857
- Funds due
- $54,556
- Interest + MI left
- $362,682
- First ends
- Dec 2050
New loan
New conventional
$2,940/mo
+$1,312/mo- Down payment
- $41,857
- Funds due
- $51,283
- Interest + MI left
- $538,211
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,142 | $220,142 | $368,142 |
| Second mortgage | — | $148,000 | — |
| First P&I | $1,075.49 | $1,075.49 | $2,493.92 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | $180.23 | $180.23 | $73.63 |
| Taxes, insurance & HOA | $372.67 | $372.67 | $372.67 |
| Total housing payment | $1,628.39 | $2,714.36 | $2,940.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,857
Closing costs & prepaids$12,699
Usable credit−$0
Total buyer cash needed$54,556
Earnest money paid−$0
Remaining funds due$54,556
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,099.99
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)$492.00
Initial HOA (3 months)$176.01
Prepaid interest, first (9 days)$163.93
Prepaid interest, second (9 days)$291.95
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 3.02%
Interest already paid$43,134Through Dec 2026
Assumption only · ends Dec 2050$119,732
Assumption + second · ends Dec 2050, second Jan 2057$362,682
New conventional · ends Jan 2057$538,211