Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,701/mo
Lowest payment- Down payment
- $147,028
- Funds due
- $157,884
- Interest + MI left
- $121,876
- First ends
- Nov 2050
Assumption
Assumption + second
$2,486/mo
+$785/mo- Down payment
- $40,028
- Funds due
- $52,345
- Interest + MI left
- $297,523
- First ends
- Nov 2050
New loan
New conventional
$2,813/mo
+$1,112/mo- Down payment
- $40,028
- Funds due
- $49,157
- Interest + MI left
- $524,876
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $251,972 | $251,972 | $358,972 |
| Second mortgage | — | $107,000 | — |
| First P&I | $1,183.13 | $1,183.13 | $2,431.80 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | $208.65 | $208.65 | $71.79 |
| Taxes, insurance & HOA | $309.58 | $309.58 | $309.58 |
| Total housing payment | $1,701.36 | $2,486.49 | $2,813.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,028
Closing costs & prepaids$12,318
Usable credit−$0
Total buyer cash needed$52,345
Earnest money paid−$0
Remaining funds due$52,345
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$478.75
Prepaid interest, first (9 days)$163.09
Prepaid interest, second (9 days)$211.07
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 closing23 yr 11 moOf the original 30-year loan at 2.625%
Interest already paid$43,775Through Dec 2026
Assumption only · ends Nov 2050$121,876
Assumption + second · ends Nov 2050, second Jan 2057$297,523
New conventional · ends Jan 2057$524,876