Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,006/mo
Lowest payment- Down payment
- $104,003
- Funds due
- $114,784
- Interest + MI left
- $158,870
- First ends
- Oct 2050
Assumption
Assumption + second
$2,521/mo
+$515/mo- Down payment
- $40,003
- Funds due
- $52,065
- Interest + MI left
- $280,255
- First ends
- Oct 2050
New loan
New conventional
$2,882/mo
+$876/mo- Down payment
- $40,003
- Funds due
- $48,681
- Interest + MI left
- $545,201
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $295,497 | $295,497 | $359,497 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,442.48 | $1,442.48 | $2,489.08 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $242.66 | $242.66 | $71.90 |
| Taxes, insurance & HOA | $320.92 | $320.92 | $320.92 |
| Total housing payment | $2,006.06 | $2,521.02 | $2,881.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,003
Closing costs & prepaids$12,063
Usable credit−$0
Total buyer cash needed$52,065
Earnest money paid−$0
Remaining funds due$52,065
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,995.00
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)$512.75
Prepaid interest, first (2 days)$48.41
Prepaid interest, second (2 days)$31.56
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2.990%
Interest already paid$58,219Through Nov 2026
Assumption only · ends Oct 2050$158,870
Assumption + second · ends Oct 2050, second Dec 2056$280,255
New conventional · ends Dec 2056$545,201