Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,191/mo
Lowest payment- Down payment
- $63,232
- Funds due
- $72,214
- Interest + MI left
- $78,581
- First ends
- Oct 2050
Assumption
Assumption + second
$1,521/mo
+$330/mo- Down payment
- $22,232
- Funds due
- $32,514
- Interest + MI left
- $156,343
- First ends
- Oct 2050
New loan
New conventional
$1,676/mo
+$486/mo- Down payment
- $22,232
- Funds due
- $29,321
- Interest + MI left
- $281,635
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $151,668 | $151,668 | $192,668 |
| Second mortgage | — | $41,000 | — |
| First P&I | $732.80 | $732.80 | $1,305.20 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $125.19 | $125.19 | $38.53 |
| Taxes, insurance & HOA | $332.67 | $332.67 | $332.67 |
| Total housing payment | $1,190.66 | $1,520.56 | $1,676.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,232
Closing costs & prepaids$10,282
Usable credit−$0
Total buyer cash needed$32,514
Earnest money paid−$0
Remaining funds due$32,514
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,149.00
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)$548.00
Prepaid interest, first (5 days)$59.63
Prepaid interest, second (5 days)$50.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 2.87%
Interest already paid$29,157Through Dec 2026
Assumption only · ends Oct 2050$78,581
Assumption + second · ends Oct 2050, second Jan 2057$156,343
New conventional · ends Jan 2057$281,635