Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,944/mo
Lowest payment- Down payment
- $188,261
- Funds due
- $200,127
- Interest + MI left
- $137,258
- First ends
- Dec 2050
Assumption
Assumption + second
$2,993/mo
+$1,049/mo- Down payment
- $45,261
- Funds due
- $58,659
- Interest + MI left
- $372,000
- First ends
- Dec 2050
New loan
New conventional
$3,291/mo
+$1,347/mo- Down payment
- $45,261
- Funds due
- $55,404
- Interest + MI left
- $591,795
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $261,739 | $261,739 | $404,739 |
| Second mortgage | — | $143,000 | — |
| First P&I | $1,261.19 | $1,261.19 | $2,741.84 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | $214.90 | $214.90 | $80.95 |
| Taxes, insurance & HOA | $468.00 | $468.00 | $468.00 |
| Total housing payment | $1,944.09 | $2,993.38 | $3,290.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,261
Closing costs & prepaids$13,398
Usable credit−$0
Total buyer cash needed$58,659
Earnest money paid−$0
Remaining funds due$58,659
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Initial HOA (3 months)$414.00
Prepaid interest, first (9 days)$186.52
Prepaid interest, second (9 days)$282.08
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$49,151Through Dec 2026
Assumption only · ends Dec 2050$137,258
Assumption + second · ends Dec 2050, second Jan 2057$372,000
New conventional · ends Jan 2057$591,795