Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,727/mo
Lowest payment- Down payment
- $99,887
- Funds due
- $110,326
- Interest + MI left
- $120,330
- First ends
- Dec 2050
Assumption
Assumption + second
$2,258/mo
+$531/mo- Down payment
- $33,887
- Funds due
- $45,641
- Interest + MI left
- $245,508
- First ends
- Dec 2050
New loan
New conventional
$2,482/mo
+$755/mo- Down payment
- $33,887
- Funds due
- $42,345
- Interest + MI left
- $427,807
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $230,113 | $230,113 | $296,113 |
| Second mortgage | — | $66,000 | — |
| First P&I | $1,107.62 | $1,107.62 | $1,991.97 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | $188.98 | $188.98 | $59.22 |
| Taxes, insurance & HOA | $430.50 | $430.50 | $430.50 |
| Total housing payment | $1,727.10 | $2,258.15 | $2,481.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,887
Closing costs & prepaids$11,754
Usable credit−$0
Total buyer cash needed$45,641
Earnest money paid−$0
Remaining funds due$45,641
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$841.50
Prepaid interest, first (4 days)$72.63
Prepaid interest, second (4 days)$65.10
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 30-year loan at 2.88%
Interest already paid$43,068Through Dec 2026
Assumption only · ends Dec 2050$120,330
Assumption + second · ends Dec 2050, second Jan 2057$245,508
New conventional · ends Jan 2057$427,807