Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,369/mo
Lowest payment- Down payment
- $60,339
- Funds due
- $69,648
- Interest + MI left
- $94,752
- First ends
- Dec 2050
Assumption
Assumption + second
$1,659/mo
+$290/mo- Down payment
- $24,339
- Funds due
- $34,942
- Interest + MI left
- $163,031
- First ends
- Dec 2050
New loan
New conventional
$1,858/mo
+$489/mo- Down payment
- $24,339
- Funds due
- $31,745
- Interest + MI left
- $315,332
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,661 | $179,661 | $215,661 |
| Second mortgage | — | $36,000 | — |
| First P&I | $867.54 | $867.54 | $1,460.96 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $147.45 | $147.45 | $43.13 |
| Taxes, insurance & HOA | $354.00 | $354.00 | $354.00 |
| Total housing payment | $1,368.99 | $1,658.65 | $1,858.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,339
Closing costs & prepaids$10,603
Usable credit−$0
Total buyer cash needed$34,942
Earnest money paid−$0
Remaining funds due$34,942
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,400.00
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)$612.00
Prepaid interest, first (5 days)$71.62
Prepaid interest, second (5 days)$44.38
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 2.91%
Interest already paid$33,964Through Dec 2026
Assumption only · ends Dec 2050$94,752
Assumption + second · ends Dec 2050, second Jan 2057$163,031
New conventional · ends Jan 2057$315,332