Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$843/mo
Lowest payment- Down payment
- $94,285
- Funds due
- $102,804
- Interest + MI left
- $59,285
- First ends
- Oct 2050
Assumption
Assumption + second
$1,438/mo
+$595/mo- Down payment
- $20,285
- Funds due
- $30,164
- Interest + MI left
- $199,636
- First ends
- Oct 2050
New loan
New conventional
$1,483/mo
+$640/mo- Down payment
- $20,285
- Funds due
- $26,958
- Interest + MI left
- $262,627
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $105,615 | $105,615 | $179,615 |
| Second mortgage | — | $74,000 | — |
| First P&I | $526.10 | $526.10 | $1,216.77 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | $86.61 | $86.61 | $35.92 |
| Taxes, insurance & HOA | $230.00 | $230.00 | $230.00 |
| Total housing payment | $842.70 | $1,438.12 | $1,482.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,285
Closing costs & prepaids$9,878
Usable credit−$0
Total buyer cash needed$30,164
Earnest money paid−$0
Remaining funds due$30,164
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,999.00
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)$240.00
Prepaid interest, first (6 days)$54.86
Prepaid interest, second (6 days)$109.48
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 3.16%
Interest already paid$22,278Through Dec 2026
Assumption only · ends Oct 2050$59,285
Assumption + second · ends Oct 2050, second Jan 2057$199,636
New conventional · ends Jan 2057$262,627