Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,130/mo
Lowest payment- Down payment
- $144,325
- Funds due
- $156,049
- Interest + MI left
- $166,414
- First ends
- Sep 2050
Assumption
Assumption + second
$2,919/mo
+$789/mo- Down payment
- $46,325
- Funds due
- $59,444
- Interest + MI left
- $352,285
- First ends
- Sep 2050
New loan
New conventional
$3,199/mo
+$1,068/mo- Down payment
- $46,325
- Funds due
- $56,115
- Interest + MI left
- $597,469
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $310,675 | $310,675 | $408,675 |
| Second mortgage | — | $98,000 | — |
| First P&I | $1,525.47 | $1,525.47 | $2,768.51 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | $256.29 | $256.29 | $81.74 |
| Taxes, insurance & HOA | $348.67 | $348.67 | $348.67 |
| Total housing payment | $2,130.43 | $2,918.96 | $3,198.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,325
Closing costs & prepaids$13,119
Usable credit−$0
Total buyer cash needed$59,444
Earnest money paid−$0
Remaining funds due$59,444
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,550.00
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)$546.00
Prepaid interest, first (6 days)$153.21
Prepaid interest, second (6 days)$144.99
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 9 moOf the original 30-year loan at 3%
Interest already paid$63,260Through Dec 2026
Assumption only · ends Sep 2050$166,414
Assumption + second · ends Sep 2050, second Jan 2057$352,285
New conventional · ends Jan 2057$597,469