Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,800/mo
Lowest payment- Down payment
- $105,416
- Funds due
- $116,245
- Interest + MI left
- $109,308
- First ends
- Dec 2050
Assumption
Assumption + second
$2,387/mo
+$587/mo- Down payment
- $32,416
- Funds due
- $44,531
- Interest + MI left
- $247,763
- First ends
- Dec 2050
New loan
New conventional
$2,637/mo
+$837/mo- Down payment
- $32,416
- Funds due
- $41,203
- Interest + MI left
- $428,445
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $209,584 | $209,584 | $282,584 |
| Second mortgage | — | $73,000 | — |
| First P&I | $1,004.24 | $1,004.24 | $1,956.55 |
| Second P&I | — | $587.37 | — |
| Mortgage insurance | $171.78 | $171.78 | $56.52 |
| Taxes, insurance & HOA | $623.92 | $623.92 | $623.92 |
| Total housing payment | $1,799.94 | $2,387.31 | $2,636.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,416
Closing costs & prepaids$12,116
Usable credit−$0
Total buyer cash needed$44,531
Earnest money paid−$0
Remaining funds due$44,531
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)$1,421.75
Prepaid interest, first (2 days)$32.84
Prepaid interest, second (2 days)$36.00
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$38,369Through Nov 2026
Assumption only · ends Dec 2050$109,308
Assumption + second · ends Dec 2050, second Dec 2056$247,763
New conventional · ends Dec 2056$428,445