Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,714/mo
Lowest payment- Down payment
- $73,861
- Funds due
- $83,876
- Interest + MI left
- $126,849
- First ends
- Dec 2050
Assumption
Assumption + second
$2,052/mo
+$338/mo- Down payment
- $31,861
- Funds due
- $43,136
- Interest + MI left
- $206,508
- First ends
- Dec 2050
New loan
New conventional
$2,374/mo
+$660/mo- Down payment
- $31,861
- Funds due
- $39,796
- Interest + MI left
- $429,343
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $241,139 | $241,139 | $283,139 |
| Second mortgage | — | $42,000 | — |
| First P&I | $1,159.14 | $1,159.14 | $1,960.40 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | $197.52 | $197.52 | $56.63 |
| Taxes, insurance & HOA | $357.08 | $357.08 | $357.08 |
| Total housing payment | $1,713.74 | $2,051.68 | $2,374.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,861
Closing costs & prepaids$11,276
Usable credit−$0
Total buyer cash needed$43,136
Earnest money paid−$0
Remaining funds due$43,136
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$621.25
Prepaid interest, first (1 days)$19.09
Prepaid interest, second (1 days)$10.36
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 2.890%
Interest already paid$44,594Through Nov 2026
Assumption only · ends Dec 2050$126,849
Assumption + second · ends Dec 2050, second Dec 2056$206,508
New conventional · ends Dec 2056$429,343