Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,089/mo
Lowest payment- Down payment
- $143,087
- Funds due
- $154,504
- Interest + MI left
- $165,847
- First ends
- Oct 2050
Assumption
Assumption + second
$2,878/mo
+$789/mo- Down payment
- $45,087
- Funds due
- $57,899
- Interest + MI left
- $351,717
- First ends
- Oct 2050
New loan
New conventional
$3,154/mo
+$1,065/mo- Down payment
- $45,087
- Funds due
- $54,579
- Interest + MI left
- $592,050
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $306,913 | $306,913 | $404,913 |
| Second mortgage | — | $98,000 | — |
| First P&I | $1,506.55 | $1,506.55 | $2,743.02 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | $252.47 | $252.47 | $80.98 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $2,089.02 | $2,877.55 | $3,154.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,087
Closing costs & prepaids$12,812
Usable credit−$0
Total buyer cash needed$57,899
Earnest money paid−$0
Remaining funds due$57,899
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Prepaid interest, first (6 days)$152.36
Prepaid interest, second (6 days)$144.99
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 3.02%
Interest already paid$61,973Through Dec 2026
Assumption only · ends Oct 2050$165,847
Assumption + second · ends Oct 2050, second Jan 2057$351,717
New conventional · ends Jan 2057$592,050