Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,119/mo
Lowest payment- Down payment
- $68,082
- Funds due
- $78,826
- Interest + MI left
- $168,284
- First ends
- Dec 2050
Assumption
Assumption + second
$2,353/mo
+$233/mo- Down payment
- $39,082
- Funds due
- $51,119
- Interest + MI left
- $223,286
- First ends
- Dec 2050
New loan
New conventional
$2,753/mo
+$633/mo- Down payment
- $39,082
- Funds due
- $47,897
- Interest + MI left
- $512,954
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $321,818 | $321,818 | $350,818 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,549.03 | $1,549.03 | $2,376.56 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $264.29 | $264.29 | $70.16 |
| Taxes, insurance & HOA | $306.00 | $306.00 | $306.00 |
| Total housing payment | $2,119.32 | $2,352.66 | $2,752.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,082
Closing costs & prepaids$12,037
Usable credit−$0
Total buyer cash needed$51,119
Earnest money paid−$0
Remaining funds due$51,119
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.00
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)$468.00
Prepaid interest, first (6 days)$152.36
Prepaid interest, second (6 days)$42.90
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 closing24 yrOf the original 30-year loan at 2.88%
Interest already paid$60,231Through Dec 2026
Assumption only · ends Dec 2050$168,284
Assumption + second · ends Dec 2050, second Jan 2057$223,286
New conventional · ends Jan 2057$512,954