Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,313/mo
Lowest payment- Down payment
- $158,125
- Funds due
- $170,268
- Interest + MI left
- $193,810
- First ends
- Oct 2050
Assumption
Assumption + second
$3,113/mo
+$800/mo- Down payment
- $49,125
- Funds due
- $62,662
- Interest + MI left
- $372,739
- First ends
- Oct 2050
New loan
New conventional
$3,437/mo
+$1,124/mo- Down payment
- $49,125
- Funds due
- $59,317
- Interest + MI left
- $644,632
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $331,875 | $331,875 | $440,875 |
| Second mortgage | — | $109,000 | — |
| First P&I | $1,679.20 | $1,679.20 | $2,986.64 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | $271.25 | $271.25 | $88.18 |
| Taxes, insurance & HOA | $362.67 | $362.67 | $362.67 |
| Total housing payment | $2,313.11 | $3,112.91 | $3,437.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,125
Closing costs & prepaids$13,537
Usable credit−$0
Total buyer cash needed$62,662
Earnest money paid−$0
Remaining funds due$62,662
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,900.00
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)$588.00
Prepaid interest, first (6 days)$180.58
Prepaid interest, second (6 days)$143.34
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 3.31%
Interest already paid$73,200Through Dec 2026
Assumption only · ends Oct 2050$193,810
Assumption + second · ends Oct 2050, second Jan 2057$372,739
New conventional · ends Jan 2057$644,632