Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,346/mo
Lowest payment- Down payment
- $154,672
- Funds due
- $164,924
- Interest + MI left
- $86,276
- First ends
- Dec 2050
Assumption
Assumption + second
$2,241/mo
+$895/mo- Down payment
- $32,672
- Funds due
- $44,228
- Interest + MI left
- $286,546
- First ends
- Dec 2050
New loan
New conventional
$2,473/mo
+$1,127/mo- Down payment
- $32,672
- Funds due
- $40,889
- Interest + MI left
- $439,486
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,828 | $167,828 | $289,828 |
| Second mortgage | — | $122,000 | — |
| First P&I | $799.87 | $799.87 | $2,006.71 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | $137.71 | $137.71 | $57.97 |
| Taxes, insurance & HOA | $408.58 | $408.58 | $408.58 |
| Total housing payment | $1,346.16 | $2,241.35 | $2,473.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,672
Closing costs & prepaids$11,555
Usable credit−$0
Total buyer cash needed$44,228
Earnest money paid−$0
Remaining funds due$44,228
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,225.00
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)$775.75
Prepaid interest, first (2 days)$25.84
Prepaid interest, second (2 days)$53.48
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 yr 1 moOf the original 30-year loan at 2.810%
Interest already paid$30,205Through Nov 2026
Assumption only · ends Dec 2050$86,276
Assumption + second · ends Dec 2050, second Dec 2056$286,546
New conventional · ends Dec 2056$439,486