Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,657/mo
Lowest payment- Down payment
- $135,082
- Funds due
- $146,139
- Interest + MI left
- $82,680
- First ends
- Dec 2050
Assumption
Assumption + second
$2,428/mo
+$770/mo- Down payment
- $30,082
- Funds due
- $42,481
- Interest + MI left
- $255,043
- First ends
- Dec 2050
New loan
New conventional
$2,596/mo
+$938/mo- Down payment
- $30,082
- Funds due
- $39,195
- Interest + MI left
- $382,738
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $159,918 | $159,918 | $264,918 |
| Second mortgage | — | $105,000 | — |
| First P&I | $768.11 | $768.11 | $1,782.12 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | $128.58 | $128.58 | $52.98 |
| Taxes, insurance & HOA | $760.75 | $760.75 | $760.75 |
| Total housing payment | $1,657.44 | $2,427.90 | $2,595.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,082
Closing costs & prepaids$12,399
Usable credit−$0
Total buyer cash needed$42,481
Earnest money paid−$0
Remaining funds due$42,481
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$752.25
Initial HOA (3 months)$1,080.00
Prepaid interest, first (4 days)$50.12
Prepaid interest, second (4 days)$92.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 29-year loan at 2.86%
Interest already paid$24,476Through Dec 2026
Assumption only · ends Dec 2050$82,680
Assumption + second · ends Dec 2050, second Jan 2057$255,043
New conventional · ends Jan 2057$382,738