Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$778/mo
Lowest payment- Down payment
- $177,578
- Funds due
- $186,882
- Interest + MI left
- $48,742
- First ends
- Nov 2050
Assumption
Assumption + second
$1,878/mo
+$1,101/mo- Down payment
- $27,578
- Funds due
- $38,428
- Interest + MI left
- $294,975
- First ends
- Nov 2050
New loan
New conventional
$1,941/mo
+$1,164/mo- Down payment
- $27,578
- Funds due
- $35,167
- Interest + MI left
- $352,951
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $91,422 | $91,422 | $241,422 |
| Second mortgage | — | $150,000 | — |
| First P&I | $444.87 | $444.87 | $1,635.48 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | $75.13 | $75.13 | $48.28 |
| Taxes, insurance & HOA | $257.58 | $257.58 | $257.58 |
| Total housing payment | $777.58 | $1,878.22 | $1,941.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,578
Closing costs & prepaids$10,850
Usable credit−$0
Total buyer cash needed$38,428
Earnest money paid−$0
Remaining funds due$38,428
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,690.00
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)$322.75
Prepaid interest, first (9 days)$66.73
Prepaid interest, second (9 days)$295.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 11 moOf the original 30-year loan at 2.96%
Interest already paid$17,837Through Dec 2026
Assumption only · ends Nov 2050$48,742
Assumption + second · ends Nov 2050, second Jan 2057$294,975
New conventional · ends Jan 2057$352,951