Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,521/mo
Lowest payment- Down payment
- $112,639
- Funds due
- $122,655
- Interest + MI left
- $116,593
- First ends
- Oct 2050
Assumption
Assumption + second
$2,156/mo
+$636/mo- Down payment
- $33,639
- Funds due
- $45,022
- Interest + MI left
- $266,427
- First ends
- Oct 2050
New loan
New conventional
$2,342/mo
+$821/mo- Down payment
- $33,639
- Funds due
- $41,761
- Interest + MI left
- $431,808
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $216,361 | $216,361 | $295,361 |
| Second mortgage | — | $79,000 | — |
| First P&I | $1,060.94 | $1,060.94 | $2,000.88 |
| Second P&I | — | $635.65 | — |
| Mortgage insurance | $178.02 | $178.02 | $59.07 |
| Taxes, insurance & HOA | $281.58 | $281.58 | $281.58 |
| Total housing payment | $1,520.54 | $2,156.19 | $2,341.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,639
Closing costs & prepaids$11,384
Usable credit−$0
Total buyer cash needed$45,022
Earnest money paid−$0
Remaining funds due$45,022
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,290.00
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)$394.75
Prepaid interest, first (6 days)$107.05
Prepaid interest, second (6 days)$116.88
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 3.01%
Interest already paid$43,549Through Dec 2026
Assumption only · ends Oct 2050$116,593
Assumption + second · ends Oct 2050, second Jan 2057$266,427
New conventional · ends Jan 2057$431,808