Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,039/mo
Lowest payment- Down payment
- $159,280
- Funds due
- $170,996
- Interest + MI left
- $158,477
- First ends
- Oct 2050
Assumption
Assumption + second
$2,868/mo
+$829/mo- Down payment
- $46,280
- Funds due
- $59,394
- Interest + MI left
- $343,972
- First ends
- Oct 2050
New loan
New conventional
$3,199/mo
+$1,160/mo- Down payment
- $46,280
- Funds due
- $56,071
- Interest + MI left
- $597,534
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $295,720 | $295,720 | $408,720 |
| Second mortgage | — | $113,000 | — |
| First P&I | $1,447.03 | $1,447.03 | $2,768.81 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | $243.43 | $243.43 | $81.74 |
| Taxes, insurance & HOA | $348.67 | $348.67 | $348.67 |
| Total housing payment | $2,039.12 | $2,868.28 | $3,199.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,280
Closing costs & prepaids$13,115
Usable credit−$0
Total buyer cash needed$59,394
Earnest money paid−$0
Remaining funds due$59,394
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)$145.35
Prepaid interest, second (6 days)$148.60
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$59,141Through Dec 2026
Assumption only · ends Oct 2050$158,477
Assumption + second · ends Oct 2050, second Jan 2057$343,972
New conventional · ends Jan 2057$597,534