Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,145/mo
Lowest payment- Down payment
- $115,590
- Funds due
- $124,832
- Interest + MI left
- $86,333
- First ends
- Dec 2050
Assumption
Assumption + second
$1,845/mo
+$700/mo- Down payment
- $28,590
- Funds due
- $39,104
- Interest + MI left
- $251,341
- First ends
- Dec 2050
New loan
New conventional
$2,028/mo
+$883/mo- Down payment
- $28,590
- Funds due
- $35,785
- Interest + MI left
- $388,863
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,410 | $169,410 | $256,410 |
| Second mortgage | — | $87,000 | — |
| First P&I | $804.82 | $804.82 | $1,775.33 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $139.10 | $139.10 | $51.28 |
| Taxes, insurance & HOA | $201.42 | $201.42 | $201.42 |
| Total housing payment | $1,145.33 | $1,845.35 | $2,028.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,590
Closing costs & prepaids$10,514
Usable credit−$0
Total buyer cash needed$39,104
Earnest money paid−$0
Remaining funds due$39,104
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)$154.25
Prepaid interest, first (1 days)$12.90
Prepaid interest, second (1 days)$21.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2.780%
Interest already paid$30,175Through Nov 2026
Assumption only · ends Dec 2050$86,333
Assumption + second · ends Dec 2050, second Dec 2056$251,341
New conventional · ends Dec 2056$388,863