Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,566/mo
Lowest payment- Down payment
- $148,508
- Funds due
- $161,129
- Interest + MI left
- $205,505
- First ends
- Sep 2050
Assumption
Assumption + second
$3,330/mo
+$764/mo- Down payment
- $53,508
- Funds due
- $67,543
- Interest + MI left
- $385,686
- First ends
- Sep 2050
New loan
New conventional
$3,694/mo
+$1,128/mo- Down payment
- $53,508
- Funds due
- $64,227
- Interest + MI left
- $695,248
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $380,492 | $380,492 | $475,492 |
| Second mortgage | — | $95,000 | — |
| First P&I | $1,874.17 | $1,874.17 | $3,221.15 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | $313.67 | $313.67 | $95.10 |
| Taxes, insurance & HOA | $378.25 | $378.25 | $378.25 |
| Total housing payment | $2,566.09 | $3,330.48 | $3,694.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,508
Closing costs & prepaids$14,035
Usable credit−$0
Total buyer cash needed$67,543
Earnest money paid−$0
Remaining funds due$67,543
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,290.00
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)$634.75
Prepaid interest, first (7 days)$221.10
Prepaid interest, second (7 days)$163.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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$78,223Through Dec 2026
Assumption only · ends Sep 2050$205,505
Assumption + second · ends Sep 2050, second Jan 2057$385,686
New conventional · ends Jan 2057$695,248