Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,424/mo
Lowest payment- Down payment
- $80,694
- Funds due
- $90,259
- Interest + MI left
- $108,318
- First ends
- Nov 2050
Assumption
Assumption + second
$1,842/mo
+$418/mo- Down payment
- $28,694
- Funds due
- $39,624
- Interest + MI left
- $206,943
- First ends
- Nov 2050
New loan
New conventional
$2,052/mo
+$628/mo- Down payment
- $28,694
- Funds due
- $36,478
- Interest + MI left
- $374,762
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,306 | $204,306 | $256,306 |
| Second mortgage | — | $52,000 | — |
| First P&I | $992.07 | $992.07 | $1,736.31 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | $167.96 | $167.96 | $51.26 |
| Taxes, insurance & HOA | $264.00 | $264.00 | $264.00 |
| Total housing payment | $1,424.04 | $1,842.44 | $2,051.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,694
Closing costs & prepaids$10,931
Usable credit−$0
Total buyer cash needed$39,624
Earnest money paid−$0
Remaining funds due$39,624
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$342.00
Prepaid interest, first (9 days)$148.11
Prepaid interest, second (9 days)$115.40
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 11 moOf the original 30-year loan at 2.94%
Interest already paid$39,603Through Dec 2026
Assumption only · ends Nov 2050$108,318
Assumption + second · ends Nov 2050, second Jan 2057$206,943
New conventional · ends Jan 2057$374,762