Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$801/mo
Lowest payment- Down payment
- $89,724
- Funds due
- $98,171
- Interest + MI left
- $48,751
- First ends
- Oct 2050
Assumption
Assumption + second
$1,372/mo
+$571/mo- Down payment
- $18,724
- Funds due
- $28,456
- Interest + MI left
- $183,413
- First ends
- Oct 2050
New loan
New conventional
$1,434/mo
+$633/mo- Down payment
- $18,724
- Funds due
- $25,234
- Interest + MI left
- $244,370
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $90,176 | $90,176 | $161,176 |
| Second mortgage | — | $71,000 | — |
| First P&I | $441.13 | $441.13 | $1,115.95 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | $74.02 | $74.02 | $32.24 |
| Taxes, insurance & HOA | $285.83 | $285.83 | $285.83 |
| Total housing payment | $800.98 | $1,372.26 | $1,434.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,724
Closing costs & prepaids$9,731
Usable credit−$0
Total buyer cash needed$28,456
Earnest money paid−$0
Remaining funds due$28,456
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,799.00
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)$407.50
Prepaid interest, first (2 days)$14.87
Prepaid interest, second (2 days)$35.01
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 3.010%
Interest already paid$17,881Through Nov 2026
Assumption only · ends Oct 2050$48,751
Assumption + second · ends Oct 2050, second Dec 2056$183,413
New conventional · ends Dec 2056$244,370