Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,217/mo
Lowest payment- Down payment
- $57,881
- Funds due
- $68,690
- Interest + MI left
- $175,163
- First ends
- Oct 2050
Assumption
Assumption + second
$2,604/mo
+$387/mo- Down payment
- $19,881
- Funds due
- $32,014
- Interest + MI left
- $276,562
- First ends
- Oct 2050
New loan
New conventional
$2,924/mo
+$707/mo- Down payment
- $19,881
- Funds due
- $28,974
- Interest + MI left
- $550,512
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $337,119 | $337,119 | $375,119 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,630.56 | $1,630.56 | $2,541.19 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | $278.20 | $278.20 | $75.02 |
| Taxes, insurance & HOA | $308.00 | $308.00 | $308.00 |
| Total housing payment | $2,216.76 | $2,603.98 | $2,924.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,881
Closing costs & prepaids$12,133
Usable credit−$0
Total buyer cash needed$32,014
Earnest money paid−$0
Remaining funds due$32,014
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$474.00
Prepaid interest, first (6 days)$159.60
Prepaid interest, second (6 days)$74.18
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing23 yr 10 moOf the original 30-year loan at 2.88%
Interest already paid$65,026Through Dec 2026
Assumption only · ends Oct 2050$175,163
Assumption + second · ends Oct 2050, second Jan 2057$276,562
New conventional · ends Jan 2057$550,512