Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$709/mo
Lowest payment- Down payment
- $102,075
- Funds due
- $110,525
- Interest + MI left
- $37,916
- First ends
- Dec 2050
Assumption
Assumption + second
$1,385/mo
+$676/mo- Down payment
- $18,075
- Funds due
- $27,879
- Interest + MI left
- $197,234
- First ends
- Dec 2050
New loan
New conventional
$1,393/mo
+$684/mo- Down payment
- $18,075
- Funds due
- $24,670
- Interest + MI left
- $229,388
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $72,925 | $72,925 | $156,925 |
| Second mortgage | — | $84,000 | — |
| First P&I | $350.27 | $350.27 | $1,063.06 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | $59.92 | $59.92 | $31.39 |
| Taxes, insurance & HOA | $298.75 | $298.75 | $298.75 |
| Total housing payment | $708.93 | $1,384.82 | $1,393.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,075
Closing costs & prepaids$9,803
Usable credit−$0
Total buyer cash needed$27,879
Earnest money paid−$0
Remaining funds due$27,879
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,750.00
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)$446.25
Prepaid interest, first (5 days)$28.57
Prepaid interest, second (5 days)$103.56
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 2.86%
Interest already paid$13,557Through Dec 2026
Assumption only · ends Dec 2050$37,916
Assumption + second · ends Dec 2050, second Jan 2057$197,234
New conventional · ends Jan 2057$229,388