Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,079/mo
Lowest payment- Down payment
- $128,111
- Funds due
- $137,307
- Interest + MI left
- $84,999
- First ends
- Oct 2050
Assumption
Assumption + second
$1,875/mo
+$797/mo- Down payment
- $29,111
- Funds due
- $39,606
- Interest + MI left
- $272,767
- First ends
- Oct 2050
New loan
New conventional
$2,004/mo
+$926/mo- Down payment
- $29,111
- Funds due
- $36,294
- Interest + MI left
- $387,870
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $156,789 | $156,789 | $255,789 |
| Second mortgage | — | $99,000 | — |
| First P&I | $767.80 | $767.80 | $1,771.03 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | $128.67 | $128.67 | $51.16 |
| Taxes, insurance & HOA | $182.17 | $182.17 | $182.17 |
| Total housing payment | $1,078.63 | $1,875.21 | $2,004.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,111
Closing costs & prepaids$10,495
Usable credit−$0
Total buyer cash needed$39,606
Earnest money paid−$0
Remaining funds due$39,606
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,849.00
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)$96.50
Prepaid interest, first (2 days)$25.95
Prepaid interest, second (2 days)$48.82
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 3.020%
Interest already paid$31,189Through Nov 2026
Assumption only · ends Oct 2050$84,999
Assumption + second · ends Oct 2050, second Dec 2056$272,767
New conventional · ends Dec 2056$387,870