Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,896/mo
Lowest payment- Down payment
- $198,722
- Funds due
- $210,682
- Interest + MI left
- $121,403
- First ends
- Oct 2050
Assumption
Assumption + second
$3,048/mo
+$1,152/mo- Down payment
- $41,722
- Funds due
- $55,139
- Interest + MI left
- $379,127
- First ends
- Oct 2050
New loan
New conventional
$3,244/mo
+$1,349/mo- Down payment
- $41,722
- Funds due
- $51,794
- Interest + MI left
- $545,794
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $216,278 | $216,278 | $373,278 |
| Second mortgage | — | $157,000 | — |
| First P&I | $1,077.34 | $1,077.34 | $2,528.72 |
| Second P&I | — | $1,152.01 | — |
| Mortgage insurance | $177.35 | $177.35 | $74.66 |
| Taxes, insurance & HOA | $641.08 | $641.08 | $641.08 |
| Total housing payment | $1,895.78 | $3,047.79 | $3,244.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,722
Closing costs & prepaids$13,417
Usable credit−$0
Total buyer cash needed$55,139
Earnest money paid−$0
Remaining funds due$55,139
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$1,473.25
Prepaid interest, first (6 days)$112.35
Prepaid interest, second (6 days)$206.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 3.16%
Interest already paid$45,621Through Dec 2026
Assumption only · ends Oct 2050$121,403
Assumption + second · ends Oct 2050, second Jan 2057$379,127
New conventional · ends Jan 2057$545,794