Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,995/mo
Lowest payment- Down payment
- $104,709
- Funds due
- $115,553
- Interest + MI left
- $157,979
- First ends
- Oct 2050
Assumption
Assumption + second
$2,510/mo
+$515/mo- Down payment
- $40,709
- Funds due
- $52,898
- Interest + MI left
- $279,364
- First ends
- Oct 2050
New loan
New conventional
$2,812/mo
+$817/mo- Down payment
- $40,709
- Funds due
- $49,625
- Interest + MI left
- $524,540
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $294,791 | $294,791 | $358,791 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,442.48 | $1,442.48 | $2,430.58 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $242.66 | $242.66 | $71.76 |
| Taxes, insurance & HOA | $309.83 | $309.83 | $309.83 |
| Total housing payment | $1,994.98 | $2,509.94 | $2,812.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,709
Closing costs & prepaids$12,189
Usable credit−$0
Total buyer cash needed$52,898
Earnest money paid−$0
Remaining funds due$52,898
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,995.00
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)$479.50
Prepaid interest, first (6 days)$144.89
Prepaid interest, second (6 days)$94.68
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 2.99%
Interest already paid$58,955Through Dec 2026
Assumption only · ends Oct 2050$157,979
Assumption + second · ends Oct 2050, second Jan 2057$279,364
New conventional · ends Jan 2057$524,540