Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,241/mo
Lowest payment- Down payment
- $159,598
- Funds due
- $169,628
- Interest + MI left
- $88,019
- First ends
- Oct 2050
Assumption
Assumption + second
$2,165/mo
+$925/mo- Down payment
- $33,598
- Funds due
- $45,127
- Interest + MI left
- $294,855
- First ends
- Oct 2050
New loan
New conventional
$2,342/mo
+$1,101/mo- Down payment
- $33,598
- Funds due
- $41,895
- Interest + MI left
- $431,868
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,402 | $169,402 | $295,402 |
| Second mortgage | — | $126,000 | — |
| First P&I | $819.36 | $819.36 | $2,001.16 |
| Second P&I | — | $924.54 | — |
| Mortgage insurance | $139.80 | $139.80 | $59.08 |
| Taxes, insurance & HOA | $281.58 | $281.58 | $281.58 |
| Total housing payment | $1,240.73 | $2,165.28 | $2,341.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,598
Closing costs & prepaids$11,529
Usable credit−$0
Total buyer cash needed$45,127
Earnest money paid−$0
Remaining funds due$45,127
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,290.00
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)$394.75
Prepaid interest, first (9 days)$120.30
Prepaid interest, second (9 days)$248.55
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 2.88%
Interest already paid$32,675Through Dec 2026
Assumption only · ends Oct 2050$88,019
Assumption + second · ends Oct 2050, second Jan 2057$294,855
New conventional · ends Jan 2057$431,868