Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,342/mo
Lowest payment- Down payment
- $207,878
- Funds due
- $220,680
- Interest + MI left
- $183,290
- First ends
- Oct 2050
Assumption
Assumption + second
$3,457/mo
+$1,115/mo- Down payment
- $55,878
- Funds due
- $70,130
- Interest + MI left
- $432,806
- First ends
- Oct 2050
New loan
New conventional
$3,832/mo
+$1,490/mo- Down payment
- $55,878
- Funds due
- $66,736
- Interest + MI left
- $722,243
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $342,022 | $342,022 | $494,022 |
| Second mortgage | — | $152,000 | — |
| First P&I | $1,673.60 | $1,673.60 | $3,346.68 |
| Second P&I | — | $1,115.32 | — |
| Mortgage insurance | $281.54 | $281.54 | $98.80 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $2,341.80 | $3,457.13 | $3,832.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,878
Closing costs & prepaids$14,252
Usable credit−$0
Total buyer cash needed$70,130
Earnest money paid−$0
Remaining funds due$70,130
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,499.00
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)$660.00
Prepaid interest, first (6 days)$168.11
Prepaid interest, second (6 days)$199.89
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$68,401Through Dec 2026
Assumption only · ends Oct 2050$183,290
Assumption + second · ends Oct 2050, second Jan 2057$432,806
New conventional · ends Jan 2057$722,243