Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,055/mo
Lowest payment- Down payment
- $161,808
- Funds due
- $173,393
- Interest + MI left
- $153,187
- First ends
- Aug 2050
Assumption
Assumption + second
$2,928/mo
+$873/mo- Down payment
- $42,808
- Funds due
- $55,695
- Interest + MI left
- $348,532
- First ends
- Aug 2050
New loan
New conventional
$3,227/mo
+$1,172/mo- Down payment
- $42,808
- Funds due
- $52,272
- Interest + MI left
- $579,618
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $263,191 | $263,191 | $382,191 |
| Second mortgage | — | $119,000 | — |
| First P&I | $1,334.75 | $1,334.75 | $2,646.21 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | $215.61 | $215.61 | $76.44 |
| Taxes, insurance & HOA | $504.17 | $504.17 | $504.17 |
| Total housing payment | $2,054.52 | $2,927.70 | $3,226.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,808
Closing costs & prepaids$12,887
Usable credit−$0
Total buyer cash needed$55,695
Earnest money paid−$0
Remaining funds due$55,695
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,249.99
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)$1,062.50
Prepaid interest, first (2 days)$47.73
Prepaid interest, second (2 days)$52.16
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 9 moOf the original 30-year loan at 3.310%
Interest already paid$58,912Through Nov 2026
Assumption only · ends Aug 2050$153,187
Assumption + second · ends Aug 2050, second Dec 2056$348,532
New conventional · ends Dec 2056$579,618