Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,807/mo
Lowest payment- Down payment
- $136,783
- Funds due
- $147,616
- Interest + MI left
- $140,336
- First ends
- Nov 2050
Assumption
Assumption + second
$2,580/mo
+$772/mo- Down payment
- $40,783
- Funds due
- $53,008
- Interest + MI left
- $322,413
- First ends
- Nov 2050
New loan
New conventional
$2,815/mo
+$1,008/mo- Down payment
- $40,783
- Funds due
- $49,704
- Interest + MI left
- $525,163
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $263,217 | $263,217 | $359,217 |
| Second mortgage | — | $96,000 | — |
| First P&I | $1,280.84 | $1,280.84 | $2,433.46 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | $216.30 | $216.30 | $71.84 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $1,807.14 | $2,579.58 | $2,815.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,783
Closing costs & prepaids$12,225
Usable credit−$0
Total buyer cash needed$53,008
Earnest money paid−$0
Remaining funds due$53,008
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$480.00
Prepaid interest, first (6 days)$128.08
Prepaid interest, second (6 days)$142.03
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 11 moOf the original 30-year loan at 2.96%
Interest already paid$51,357Through Dec 2026
Assumption only · ends Nov 2050$140,336
Assumption + second · ends Nov 2050, second Jan 2057$322,413
New conventional · ends Jan 2057$525,163