Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$718/mo
Lowest payment- Down payment
- $177,359
- Funds due
- $186,425
- Interest + MI left
- $49,017
- First ends
- Nov 2050
Assumption
Assumption + second
$1,818/mo
+$1,101/mo- Down payment
- $27,359
- Funds due
- $37,708
- Interest + MI left
- $295,249
- First ends
- Nov 2050
New loan
New conventional
$1,919/mo
+$1,201/mo- Down payment
- $27,359
- Funds due
- $34,393
- Interest + MI left
- $366,417
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $91,641 | $91,641 | $241,641 |
| Second mortgage | — | $150,000 | — |
| First P&I | $444.87 | $444.87 | $1,673.07 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | $75.13 | $75.13 | $48.33 |
| Taxes, insurance & HOA | $197.83 | $197.83 | $197.83 |
| Total housing payment | $717.83 | $1,818.47 | $1,919.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,359
Closing costs & prepaids$10,349
Usable credit−$0
Total buyer cash needed$37,708
Earnest money paid−$0
Remaining funds due$37,708
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,690.00
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)$143.50
Prepaid interest, first (1 days)$7.43
Prepaid interest, second (1 days)$32.88
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 2.960%
Interest already paid$17,611Through Nov 2026
Assumption only · ends Nov 2050$49,017
Assumption + second · ends Nov 2050, second Dec 2056$295,249
New conventional · ends Dec 2056$366,417