Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,626/mo
Lowest payment- Down payment
- $86,138
- Funds due
- $96,172
- Interest + MI left
- $124,905
- First ends
- Dec 2050
Assumption
Assumption + second
$2,052/mo
+$426/mo- Down payment
- $33,138
- Funds due
- $44,540
- Interest + MI left
- $225,427
- First ends
- Dec 2050
New loan
New conventional
$2,316/mo
+$690/mo- Down payment
- $33,138
- Funds due
- $41,388
- Interest + MI left
- $426,692
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,862 | $238,862 | $291,862 |
| Second mortgage | — | $53,000 | — |
| First P&I | $1,149.74 | $1,149.74 | $1,977.17 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $196.16 | $196.16 | $58.37 |
| Taxes, insurance & HOA | $280.00 | $280.00 | $280.00 |
| Total housing payment | $1,625.90 | $2,052.35 | $2,315.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,138
Closing costs & prepaids$11,402
Usable credit−$0
Total buyer cash needed$44,540
Earnest money paid−$0
Remaining funds due$44,540
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$390.00
Prepaid interest, first (9 days)$169.63
Prepaid interest, second (9 days)$117.62
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$44,705Through Dec 2026
Assumption only · ends Dec 2050$124,905
Assumption + second · ends Dec 2050, second Jan 2057$225,427
New conventional · ends Jan 2057$426,692