Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,421/mo
Lowest payment- Down payment
- $140,125
- Funds due
- $150,363
- Interest + MI left
- $93,813
- First ends
- Dec 2050
Assumption
Assumption + second
$2,213/mo
+$792/mo- Down payment
- $32,125
- Funds due
- $43,660
- Interest + MI left
- $271,101
- First ends
- Dec 2050
New loan
New conventional
$2,462/mo
+$1,041/mo- Down payment
- $32,125
- Funds due
- $40,329
- Interest + MI left
- $436,582
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,875 | $179,875 | $287,875 |
| Second mortgage | — | $108,000 | — |
| First P&I | $861.88 | $861.88 | $1,993.19 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | $147.43 | $147.43 | $57.57 |
| Taxes, insurance & HOA | $411.33 | $411.33 | $411.33 |
| Total housing payment | $1,420.65 | $2,213.11 | $2,462.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,125
Closing costs & prepaids$11,535
Usable credit−$0
Total buyer cash needed$43,660
Earnest money paid−$0
Remaining funds due$43,660
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$784.00
Prepaid interest, first (2 days)$28.19
Prepaid interest, second (2 days)$47.34
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 2.860%
Interest already paid$32,930Through Nov 2026
Assumption only · ends Dec 2050$93,813
Assumption + second · ends Dec 2050, second Dec 2056$271,101
New conventional · ends Dec 2056$436,582