Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,068/mo
Lowest payment- Down payment
- $121,537
- Funds due
- $132,604
- Interest + MI left
- $171,977
- First ends
- Aug 2050
Assumption
Assumption + second
$2,703/mo
+$636/mo- Down payment
- $42,537
- Funds due
- $54,971
- Interest + MI left
- $321,812
- First ends
- Aug 2050
New loan
New conventional
$2,936/mo
+$868/mo- Down payment
- $42,537
- Funds due
- $51,661
- Interest + MI left
- $548,914
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $296,463 | $296,463 | $375,463 |
| Second mortgage | — | $79,000 | — |
| First P&I | $1,506.97 | $1,506.97 | $2,543.52 |
| Second P&I | — | $635.65 | — |
| Mortgage insurance | $243.43 | $243.43 | $75.09 |
| Taxes, insurance & HOA | $317.17 | $317.17 | $317.17 |
| Total housing payment | $2,067.56 | $2,703.21 | $2,935.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,537
Closing costs & prepaids$12,435
Usable credit−$0
Total buyer cash needed$54,971
Earnest money paid−$0
Remaining funds due$54,971
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,180.00
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)$501.50
Prepaid interest, first (6 days)$161.31
Prepaid interest, second (6 days)$116.88
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 8 moOf the original 30-year loan at 3.31%
Interest already paid$67,333Through Dec 2026
Assumption only · ends Aug 2050$171,977
Assumption + second · ends Aug 2050, second Jan 2057$321,812
New conventional · ends Jan 2057$548,914