Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,551/mo
Lowest payment- Down payment
- $117,467
- Funds due
- $129,729
- Interest + MI left
- $204,431
- First ends
- Oct 2050
Assumption
Assumption + second
$3,091/mo
+$539/mo- Down payment
- $50,467
- Funds due
- $64,078
- Interest + MI left
- $331,506
- First ends
- Oct 2050
New loan
New conventional
$3,502/mo
+$950/mo- Down payment
- $50,467
- Funds due
- $60,768
- Interest + MI left
- $657,292
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $382,533 | $382,533 | $449,533 |
| Second mortgage | — | $67,000 | — |
| First P&I | $1,869.86 | $1,869.86 | $3,045.29 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | $314.96 | $314.96 | $89.91 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $2,551.48 | $3,090.58 | $3,501.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,467
Closing costs & prepaids$13,612
Usable credit−$0
Total buyer cash needed$64,078
Earnest money paid−$0
Remaining funds due$64,078
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$600.00
Prepaid interest, first (6 days)$187.39
Prepaid interest, second (6 days)$99.12
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 2.98%
Interest already paid$76,256Through Dec 2026
Assumption only · ends Oct 2050$204,431
Assumption + second · ends Oct 2050, second Jan 2057$331,506
New conventional · ends Jan 2057$657,292