Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,595/mo
Lowest payment- Down payment
- $115,915
- Funds due
- $128,190
- Interest + MI left
- $215,598
- First ends
- Oct 2050
Assumption
Assumption + second
$3,118/mo
+$523/mo- Down payment
- $50,915
- Funds due
- $64,536
- Interest + MI left
- $338,880
- First ends
- Oct 2050
New loan
New conventional
$3,499/mo
+$904/mo- Down payment
- $50,915
- Funds due
- $61,211
- Interest + MI left
- $656,547
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $384,085 | $384,085 | $449,085 |
| Second mortgage | — | $65,000 | — |
| First P&I | $1,913.24 | $1,913.24 | $3,042.26 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | $314.96 | $314.96 | $89.82 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $2,594.86 | $3,117.87 | $3,498.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,915
Closing costs & prepaids$13,621
Usable credit−$0
Total buyer cash needed$64,536
Earnest money paid−$0
Remaining funds due$64,536
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$600.00
Prepaid interest, first (6 days)$199.51
Prepaid interest, second (6 days)$96.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 10 moOf the original 30-year loan at 3.16%
Interest already paid$81,017Through Dec 2026
Assumption only · ends Oct 2050$215,598
Assumption + second · ends Oct 2050, second Jan 2057$338,880
New conventional · ends Jan 2057$656,547