Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,014/mo
Lowest payment- Down payment
- $150,545
- Funds due
- $162,052
- Interest + MI left
- $154,287
- First ends
- Dec 2050
Assumption
Assumption + second
$2,791/mo
+$778/mo- Down payment
- $44,545
- Funds due
- $57,511
- Interest + MI left
- $328,292
- First ends
- Dec 2050
New loan
New conventional
$3,128/mo
+$1,114/mo- Down payment
- $44,545
- Funds due
- $54,294
- Interest + MI left
- $576,758
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $288,455 | $288,455 | $394,455 |
| Second mortgage | — | $106,000 | — |
| First P&I | $1,400.30 | $1,400.30 | $2,672.18 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | $236.47 | $236.47 | $78.89 |
| Taxes, insurance & HOA | $376.91 | $376.91 | $376.91 |
| Total housing payment | $2,013.68 | $2,791.47 | $3,127.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,545
Closing costs & prepaids$12,965
Usable credit−$0
Total buyer cash needed$57,511
Earnest money paid−$0
Remaining funds due$57,511
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
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)$526.75
Initial HOA (3 months)$153.99
Prepaid interest, first (9 days)$210.53
Prepaid interest, second (9 days)$209.10
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 2.96%
Interest already paid$55,435Through Dec 2026
Assumption only · ends Dec 2050$154,287
Assumption + second · ends Dec 2050, second Jan 2057$328,292
New conventional · ends Jan 2057$576,758