Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,610/mo
Lowest payment- Down payment
- $85,562
- Funds due
- $95,417
- Interest + MI left
- $125,595
- First ends
- Dec 2050
Assumption
Assumption + second
$2,036/mo
+$426/mo- Down payment
- $32,562
- Funds due
- $43,694
- Interest + MI left
- $226,117
- First ends
- Dec 2050
New loan
New conventional
$2,347/mo
+$737/mo- Down payment
- $32,562
- Funds due
- $40,372
- Interest + MI left
- $443,502
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,438 | $239,438 | $292,438 |
| Second mortgage | — | $53,000 | — |
| First P&I | $1,149.74 | $1,149.74 | $2,024.78 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $196.16 | $196.16 | $58.49 |
| Taxes, insurance & HOA | $264.08 | $264.08 | $264.08 |
| Total housing payment | $1,609.98 | $2,036.43 | $2,347.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,562
Closing costs & prepaids$11,131
Usable credit−$0
Total buyer cash needed$43,694
Earnest money paid−$0
Remaining funds due$43,694
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$342.25
Prepaid interest, first (2 days)$37.79
Prepaid interest, second (2 days)$26.14
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 yr 1 moOf the original 30-year loan at 2.880%
Interest already paid$44,131Through Nov 2026
Assumption only · ends Dec 2050$125,595
Assumption + second · ends Dec 2050, second Dec 2056$226,117
New conventional · ends Dec 2056$443,502