Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,032/mo
Lowest payment- Down payment
- $117,273
- Funds due
- $126,498
- Interest + MI left
- $66,642
- First ends
- Dec 2050
Assumption
Assumption + second
$1,764/mo
+$732/mo- Down payment
- $26,273
- Funds due
- $36,949
- Interest + MI left
- $239,236
- First ends
- Dec 2050
New loan
New conventional
$1,884/mo
+$852/mo- Down payment
- $26,273
- Funds due
- $33,761
- Interest + MI left
- $341,748
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $142,727 | $142,727 | $233,727 |
| Second mortgage | — | $91,000 | — |
| First P&I | $659.54 | $659.54 | $1,583.35 |
| Second P&I | — | $732.21 | — |
| Mortgage insurance | $118.24 | $118.24 | $46.75 |
| Taxes, insurance & HOA | $254.00 | $254.00 | $254.00 |
| Total housing payment | $1,031.77 | $1,763.98 | $1,884.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,273
Closing costs & prepaids$10,677
Usable credit−$0
Total buyer cash needed$36,949
Earnest money paid−$0
Remaining funds due$36,949
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,600.00
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)$312.00
Prepaid interest, first (9 days)$87.98
Prepaid interest, second (9 days)$201.95
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2.5%
Interest already paid$23,294Through Dec 2026
Assumption only · ends Dec 2050$66,642
Assumption + second · ends Dec 2050, second Jan 2057$239,236
New conventional · ends Jan 2057$341,748