Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,629/mo
Lowest payment- Down payment
- $64,439
- Funds due
- $74,213
- Interest + MI left
- $126,152
- First ends
- Dec 2050
Assumption
Assumption + second
$1,894/mo
+$266/mo- Down payment
- $31,439
- Funds due
- $42,520
- Interest + MI left
- $188,741
- First ends
- Dec 2050
New loan
New conventional
$2,180/mo
+$551/mo- Down payment
- $31,439
- Funds due
- $39,342
- Interest + MI left
- $399,937
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $240,561 | $240,561 | $273,561 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,159.14 | $1,159.14 | $1,853.20 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $197.52 | $197.52 | $54.71 |
| Taxes, insurance & HOA | $272.00 | $272.00 | $272.00 |
| Total housing payment | $1,628.66 | $1,894.18 | $2,179.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,439
Closing costs & prepaids$11,081
Usable credit−$0
Total buyer cash needed$42,520
Earnest money paid−$0
Remaining funds due$42,520
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,050.00
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)$366.00
Prepaid interest, first (7 days)$133.33
Prepaid interest, second (7 days)$56.96
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 2.89%
Interest already paid$45,174Through Dec 2026
Assumption only · ends Dec 2050$126,152
Assumption + second · ends Dec 2050, second Jan 2057$188,741
New conventional · ends Jan 2057$399,937