Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,339/mo
Lowest payment- Down payment
- $129,310
- Funds due
- $141,275
- Interest + MI left
- $185,155
- First ends
- Sep 2050
Assumption
Assumption + second
$2,991/mo
+$652/mo- Down payment
- $48,310
- Funds due
- $61,645
- Interest + MI left
- $338,783
- First ends
- Sep 2050
New loan
New conventional
$3,332/mo
+$993/mo- Down payment
- $48,310
- Funds due
- $58,325
- Interest + MI left
- $623,767
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $345,663 | $345,663 | $426,663 |
| Second mortgage | — | $81,000 | — |
| First P&I | $1,697.26 | $1,697.26 | $2,890.36 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | $285.16 | $285.16 | $85.33 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $2,339.09 | $2,990.83 | $3,332.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,310
Closing costs & prepaids$13,335
Usable credit−$0
Total buyer cash needed$61,645
Earnest money paid−$0
Remaining funds due$61,645
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,749.73
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)$570.00
Prepaid interest, first (6 days)$170.46
Prepaid interest, second (6 days)$119.84
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$70,385Through Dec 2026
Assumption only · ends Sep 2050$185,155
Assumption + second · ends Sep 2050, second Jan 2057$338,783
New conventional · ends Jan 2057$623,767