Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,469/mo
Lowest payment- Down payment
- $122,855
- Funds due
- $132,930
- Interest + MI left
- $111,935
- First ends
- Oct 2050
Assumption
Assumption + second
$2,185/mo
+$716/mo- Down payment
- $33,855
- Funds due
- $45,378
- Interest + MI left
- $280,736
- First ends
- Oct 2050
New loan
New conventional
$2,347/mo
+$878/mo- Down payment
- $33,855
- Funds due
- $42,162
- Interest + MI left
- $432,954
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,145 | $207,145 | $296,145 |
| Second mortgage | — | $89,000 | — |
| First P&I | $1,016.82 | $1,016.82 | $2,006.19 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | $170.40 | $170.40 | $59.23 |
| Taxes, insurance & HOA | $282.00 | $282.00 | $282.00 |
| Total housing payment | $1,469.21 | $2,185.33 | $2,347.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,855
Closing costs & prepaids$11,523
Usable credit−$0
Total buyer cash needed$45,378
Earnest money paid−$0
Remaining funds due$45,378
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$396.00
Prepaid interest, first (9 days)$154.25
Prepaid interest, second (9 days)$197.51
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 10 moOf the original 30-year loan at 3.02%
Interest already paid$41,827Through Dec 2026
Assumption only · ends Oct 2050$111,935
Assumption + second · ends Oct 2050, second Jan 2057$280,736
New conventional · ends Jan 2057$432,954