Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,801/mo
Lowest payment- Down payment
- $110,010
- Funds due
- $120,649
- Interest + MI left
- $127,646
- First ends
- Nov 2050
Assumption
Assumption + second
$2,405/mo
+$603/mo- Down payment
- $35,010
- Funds due
- $46,936
- Interest + MI left
- $269,894
- First ends
- Nov 2050
New loan
New conventional
$2,686/mo
+$885/mo- Down payment
- $35,010
- Funds due
- $43,588
- Interest + MI left
- $477,704
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,990 | $239,990 | $314,990 |
| Second mortgage | — | $75,000 | — |
| First P&I | $1,162.56 | $1,162.56 | $2,180.93 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | $196.83 | $196.83 | $63.00 |
| Taxes, insurance & HOA | $441.67 | $441.67 | $441.67 |
| Total housing payment | $1,801.05 | $2,404.52 | $2,685.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,010
Closing costs & prepaids$11,926
Usable credit−$0
Total buyer cash needed$46,936
Earnest money paid−$0
Remaining funds due$46,936
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$875.00
Prepaid interest, first (2 days)$38.66
Prepaid interest, second (2 days)$36.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2.940%
Interest already paid$45,820Through Nov 2026
Assumption only · ends Nov 2050$127,646
Assumption + second · ends Nov 2050, second Dec 2056$269,894
New conventional · ends Dec 2056$477,704