Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,208/mo
Lowest payment- Down payment
- $116,002
- Funds due
- $125,535
- Interest + MI left
- $85,859
- First ends
- Dec 2050
Assumption
Assumption + second
$1,908/mo
+$700/mo- Down payment
- $29,002
- Funds due
- $39,978
- Interest + MI left
- $250,867
- First ends
- Dec 2050
New loan
New conventional
$2,049/mo
+$842/mo- Down payment
- $29,002
- Funds due
- $36,782
- Interest + MI left
- $374,260
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $168,998 | $168,998 | $255,998 |
| Second mortgage | — | $87,000 | — |
| First P&I | $804.82 | $804.82 | $1,734.22 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $139.10 | $139.10 | $51.20 |
| Taxes, insurance & HOA | $264.00 | $264.00 | $264.00 |
| Total housing payment | $1,207.92 | $1,907.94 | $2,049.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,002
Closing costs & prepaids$10,976
Usable credit−$0
Total buyer cash needed$39,978
Earnest money paid−$0
Remaining funds due$39,978
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$342.00
Prepaid interest, first (9 days)$115.84
Prepaid interest, second (9 days)$193.07
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 closing24 yrOf the original 30-year loan at 2.78%
Interest already paid$30,567Through Dec 2026
Assumption only · ends Dec 2050$85,859
Assumption + second · ends Dec 2050, second Jan 2057$250,867
New conventional · ends Jan 2057$374,260