Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,219/mo
Lowest payment- Down payment
- $62,781
- Funds due
- $73,645
- Interest + MI left
- $175,163
- First ends
- Oct 2050
Assumption
Assumption + second
$2,647/mo
+$428/mo- Down payment
- $20,781
- Funds due
- $32,977
- Interest + MI left
- $287,236
- First ends
- Oct 2050
New loan
New conventional
$2,954/mo
+$735/mo- Down payment
- $20,781
- Funds due
- $29,925
- Interest + MI left
- $556,306
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $337,119 | $337,119 | $379,119 |
| Second mortgage | — | $42,000 | — |
| First P&I | $1,630.56 | $1,630.56 | $2,568.28 |
| Second P&I | — | $427.98 | — |
| Mortgage insurance | $278.20 | $278.20 | $75.82 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $2,218.76 | $2,646.74 | $2,954.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,781
Closing costs & prepaids$12,196
Usable credit−$0
Total buyer cash needed$32,977
Earnest money paid−$0
Remaining funds due$32,977
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$480.00
Prepaid interest, first (6 days)$159.60
Prepaid interest, second (6 days)$81.99
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 10 moOf the original 30-year loan at 2.88%
Interest already paid$65,026Through Dec 2026
Assumption only · ends Oct 2050$175,163
Assumption + second · ends Oct 2050, second Jan 2057$287,236
New conventional · ends Jan 2057$556,306