Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,075/mo
Lowest payment- Down payment
- $123,295
- Funds due
- $134,487
- Interest + MI left
- $164,363
- First ends
- Oct 2050
Assumption
Assumption + second
$2,719/mo
+$644/mo- Down payment
- $43,295
- Funds due
- $55,855
- Interest + MI left
- $316,095
- First ends
- Oct 2050
New loan
New conventional
$3,019/mo
+$944/mo- Down payment
- $43,295
- Funds due
- $52,559
- Interest + MI left
- $565,427
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $306,705 | $306,705 | $386,705 |
| Second mortgage | — | $80,000 | — |
| First P&I | $1,500.78 | $1,500.78 | $2,619.67 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | $252.47 | $252.47 | $77.34 |
| Taxes, insurance & HOA | $322.00 | $322.00 | $322.00 |
| Total housing payment | $2,075.25 | $2,718.95 | $3,019.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,295
Closing costs & prepaids$12,560
Usable credit−$0
Total buyer cash needed$55,855
Earnest money paid−$0
Remaining funds due$55,855
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$516.00
Prepaid interest, first (6 days)$150.75
Prepaid interest, second (6 days)$118.36
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 2.99%
Interest already paid$61,338Through Dec 2026
Assumption only · ends Oct 2050$164,363
Assumption + second · ends Oct 2050, second Jan 2057$316,095
New conventional · ends Jan 2057$565,427