Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,098/mo
Lowest payment- Down payment
- $114,860
- Funds due
- $124,158
- Interest + MI left
- $70,357
- First ends
- Oct 2050
Assumption
Assumption + second
$1,822/mo
+$724/mo- Down payment
- $24,860
- Funds due
- $35,431
- Interest + MI left
- $241,055
- First ends
- Oct 2050
New loan
New conventional
$1,922/mo
+$825/mo- Down payment
- $24,860
- Funds due
- $32,144
- Interest + MI left
- $333,813
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $130,140 | $130,140 | $220,140 |
| Second mortgage | — | $90,000 | — |
| First P&I | $636.63 | $636.63 | $1,524.20 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | $106.82 | $106.82 | $44.03 |
| Taxes, insurance & HOA | $354.17 | $354.17 | $354.17 |
| Total housing payment | $1,097.62 | $1,821.78 | $1,922.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,860
Closing costs & prepaids$10,570
Usable credit−$0
Total buyer cash needed$35,431
Earnest money paid−$0
Remaining funds due$35,431
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,450.00
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)$612.50
Prepaid interest, first (1 days)$10.73
Prepaid interest, second (1 days)$22.19
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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$25,805Through Nov 2026
Assumption only · ends Oct 2050$70,357
Assumption + second · ends Oct 2050, second Dec 2056$241,055
New conventional · ends Dec 2056$333,813