Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,765/mo
Lowest payment- Down payment
- $64,927
- Funds due
- $75,415
- Interest + MI left
- $99,824
- First ends
- Dec 2050
Assumption
Assumption + second
$2,079/mo
+$314/mo- Down payment
- $25,927
- Funds due
- $37,713
- Interest + MI left
- $173,793
- First ends
- Dec 2050
New loan
New conventional
$2,275/mo
+$510/mo- Down payment
- $25,927
- Funds due
- $34,501
- Interest + MI left
- $327,542
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $185,073 | $185,073 | $224,073 |
| Second mortgage | — | $39,000 | — |
| First P&I | $901.29 | $901.29 | $1,517.95 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | $151.62 | $151.62 | $44.81 |
| Taxes, insurance & HOA | $712.50 | $712.50 | $712.50 |
| Total housing payment | $1,765.41 | $2,079.22 | $2,275.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,927
Closing costs & prepaids$11,786
Usable credit−$0
Total buyer cash needed$37,713
Earnest money paid−$0
Remaining funds due$37,713
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$637.50
Initial HOA (3 months)$1,050.00
Prepaid interest, first (5 days)$75.80
Prepaid interest, second (5 days)$48.08
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 2.99%
Interest already paid$35,915Through Dec 2026
Assumption only · ends Dec 2050$99,824
Assumption + second · ends Dec 2050, second Jan 2057$173,793
New conventional · ends Jan 2057$327,542