Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,241/mo
Lowest payment- Down payment
- $272,561
- Funds due
- $286,317
- Interest + MI left
- $133,799
- First ends
- Dec 2050
Assumption
Assumption + second
$3,810/mo
+$1,569/mo- Down payment
- $53,561
- Funds due
- $68,800
- Interest + MI left
- $479,619
- First ends
- Dec 2050
New loan
New conventional
$4,116/mo
+$1,875/mo- Down payment
- $53,561
- Funds due
- $65,349
- Interest + MI left
- $696,486
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,339 | $257,339 | $476,339 |
| Second mortgage | — | $219,000 | — |
| First P&I | $1,236.03 | $1,236.03 | $3,226.89 |
| Second P&I | — | $1,568.94 | — |
| Mortgage insurance | $211.43 | $211.43 | $95.27 |
| Taxes, insurance & HOA | $793.75 | $793.75 | $793.75 |
| Total housing payment | $2,241.22 | $3,810.16 | $4,115.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,561
Closing costs & prepaids$15,239
Usable credit−$0
Total buyer cash needed$68,800
Earnest money paid−$0
Remaining funds due$68,800
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,299.00
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)$1,881.25
Prepaid interest, first (5 days)$100.82
Prepaid interest, second (5 days)$232.50
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 2.86%
Interest already paid$47,840Through Dec 2026
Assumption only · ends Dec 2050$133,799
Assumption + second · ends Dec 2050, second Jan 2057$479,619
New conventional · ends Jan 2057$696,486