Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,501/mo
Lowest payment- Down payment
- $56,373
- Funds due
- $65,879
- Interest + MI left
- $107,329
- First ends
- Nov 2050
Assumption
Assumption + second
$1,742/mo
+$241/mo- Down payment
- $26,373
- Funds due
- $37,166
- Interest + MI left
- $164,228
- First ends
- Nov 2050
New loan
New conventional
$1,960/mo
+$460/mo- Down payment
- $26,373
- Funds due
- $33,958
- Interest + MI left
- $334,053
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $198,527 | $198,527 | $228,527 |
| Second mortgage | — | $30,000 | — |
| First P&I | $971.17 | $971.17 | $1,548.12 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | $162.96 | $162.96 | $45.71 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $1,500.79 | $1,742.18 | $1,960.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,373
Closing costs & prepaids$10,793
Usable credit−$0
Total buyer cash needed$37,166
Earnest money paid−$0
Remaining funds due$37,166
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,549.00
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)$650.00
Prepaid interest, first (5 days)$81.86
Prepaid interest, second (5 days)$36.99
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 11 moOf the original 30-year loan at 3.01%
Interest already paid$39,366Through Dec 2026
Assumption only · ends Nov 2050$107,329
Assumption + second · ends Nov 2050, second Jan 2057$164,228
New conventional · ends Jan 2057$334,053