Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,056/mo
Lowest payment- Down payment
- $72,422
- Funds due
- $81,126
- Interest + MI left
- $77,007
- First ends
- Sep 2050
Assumption
Assumption + second
$1,458/mo
+$402/mo- Down payment
- $22,422
- Funds due
- $32,450
- Interest + MI left
- $171,839
- First ends
- Sep 2050
New loan
New conventional
$1,579/mo
+$523/mo- Down payment
- $22,422
- Funds due
- $29,258
- Interest + MI left
- $281,504
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $142,578 | $142,578 | $192,578 |
| Second mortgage | — | $50,000 | — |
| First P&I | $702.29 | $702.29 | $1,304.59 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $117.54 | $117.54 | $38.52 |
| Taxes, insurance & HOA | $236.00 | $236.00 | $236.00 |
| Total housing payment | $1,055.83 | $1,458.14 | $1,579.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,422
Closing costs & prepaids$10,028
Usable credit−$0
Total buyer cash needed$32,450
Earnest money paid−$0
Remaining funds due$32,450
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,150.00
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)$258.00
Prepaid interest, first (6 days)$71.02
Prepaid interest, second (6 days)$73.97
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 9 moOf the original 30-year loan at 3.03%
Interest already paid$29,312Through Dec 2026
Assumption only · ends Sep 2050$77,007
Assumption + second · ends Sep 2050, second Jan 2057$171,839
New conventional · ends Jan 2057$281,504