Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,166/mo
Lowest payment- Down payment
- $153,578
- Funds due
- $165,407
- Interest + MI left
- $167,355
- First ends
- Sep 2050
Assumption
Assumption + second
$2,951/mo
+$785/mo- Down payment
- $46,578
- Funds due
- $59,703
- Interest + MI left
- $343,001
- First ends
- Sep 2050
New loan
New conventional
$3,365/mo
+$1,199/mo- Down payment
- $46,578
- Funds due
- $56,259
- Interest + MI left
- $634,565
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $311,422 | $311,422 | $418,422 |
| Second mortgage | — | $107,000 | — |
| First P&I | $1,525.47 | $1,525.47 | $2,897.07 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | $256.29 | $256.29 | $83.68 |
| Taxes, insurance & HOA | $384.17 | $384.17 | $384.17 |
| Total housing payment | $2,165.93 | $2,951.06 | $3,364.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,578
Closing costs & prepaids$13,126
Usable credit−$0
Total buyer cash needed$59,703
Earnest money paid−$0
Remaining funds due$59,703
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$652.50
Prepaid interest, first (2 days)$51.19
Prepaid interest, second (2 days)$46.90
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 10 moOf the original 30-year loan at 3.000%
Interest already paid$62,482Through Nov 2026
Assumption only · ends Sep 2050$167,355
Assumption + second · ends Sep 2050, second Dec 2056$343,001
New conventional · ends Dec 2056$634,565