Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,526/mo
Lowest payment- Down payment
- $160,204
- Funds due
- $170,733
- Interest + MI left
- $112,487
- First ends
- Aug 2050
Assumption
Assumption + second
$2,421/mo
+$895/mo- Down payment
- $38,204
- Funds due
- $50,144
- Interest + MI left
- $312,756
- First ends
- Aug 2050
New loan
New conventional
$2,649/mo
+$1,123/mo- Down payment
- $38,204
- Funds due
- $46,844
- Interest + MI left
- $492,384
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $214,796 | $214,796 | $336,796 |
| Second mortgage | — | $122,000 | — |
| First P&I | $1,051.71 | $1,051.71 | $2,281.57 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | $174.09 | $174.09 | $67.36 |
| Taxes, insurance & HOA | $300.00 | $300.00 | $300.00 |
| Total housing payment | $1,525.80 | $2,420.99 | $2,648.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,204
Closing costs & prepaids$11,940
Usable credit−$0
Total buyer cash needed$50,144
Earnest money paid−$0
Remaining funds due$50,144
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$450.00
Prepaid interest, first (6 days)$104.16
Prepaid interest, second (6 days)$160.44
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 8 moOf the original 29-year loan at 2.95%
Interest already paid$36,333Through Dec 2026
Assumption only · ends Aug 2050$112,487
Assumption + second · ends Aug 2050, second Jan 2057$312,756
New conventional · ends Jan 2057$492,384