Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,360/mo
Lowest payment- Down payment
- $80,203
- Funds due
- $89,443
- Interest + MI left
- $108,927
- First ends
- Nov 2050
Assumption
Assumption + second
$1,770/mo
+$410/mo- Down payment
- $29,203
- Funds due
- $39,706
- Interest + MI left
- $205,656
- First ends
- Nov 2050
New loan
New conventional
$2,022/mo
+$662/mo- Down payment
- $29,203
- Funds due
- $36,386
- Interest + MI left
- $387,882
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,797 | $204,797 | $255,797 |
| Second mortgage | — | $51,000 | — |
| First P&I | $992.07 | $992.07 | $1,771.09 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | $167.96 | $167.96 | $51.16 |
| Taxes, insurance & HOA | $199.50 | $199.50 | $199.50 |
| Total housing payment | $1,359.54 | $1,769.89 | $2,021.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,203
Closing costs & prepaids$10,503
Usable credit−$0
Total buyer cash needed$39,706
Earnest money paid−$0
Remaining funds due$39,706
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$148.50
Prepaid interest, first (1 days)$16.50
Prepaid interest, second (1 days)$12.58
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 yrOf the original 30-year loan at 2.940%
Interest already paid$39,101Through Nov 2026
Assumption only · ends Nov 2050$108,927
Assumption + second · ends Nov 2050, second Dec 2056$205,656
New conventional · ends Dec 2056$387,882