Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,178/mo
Lowest payment- Down payment
- $160,186
- Funds due
- $169,932
- Interest + MI left
- $88,515
- First ends
- Oct 2050
Assumption
Assumption + second
$2,110/mo
+$932/mo- Down payment
- $33,186
- Funds due
- $44,210
- Interest + MI left
- $296,992
- First ends
- Oct 2050
New loan
New conventional
$2,334/mo
+$1,155/mo- Down payment
- $33,186
- Funds due
- $40,847
- Interest + MI left
- $450,138
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,814 | $169,814 | $296,814 |
| Second mortgage | — | $127,000 | — |
| First P&I | $819.36 | $819.36 | $2,055.08 |
| Second P&I | — | $931.88 | — |
| Mortgage insurance | $139.80 | $139.80 | $59.36 |
| Taxes, insurance & HOA | $219.25 | $219.25 | $219.25 |
| Total housing payment | $1,178.40 | $2,110.28 | $2,333.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,186
Closing costs & prepaids$11,024
Usable credit−$0
Total buyer cash needed$44,210
Earnest money paid−$0
Remaining funds due$44,210
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$207.75
Prepaid interest, first (1 days)$13.40
Prepaid interest, second (1 days)$27.84
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 closing23 yr 11 moOf the original 30-year loan at 2.880%
Interest already paid$32,268Through Nov 2026
Assumption only · ends Oct 2050$88,515
Assumption + second · ends Oct 2050, second Dec 2056$296,992
New conventional · ends Dec 2056$450,138