Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,590/mo
Lowest payment- Down payment
- $93,345
- Funds due
- $103,419
- Interest + MI left
- $110,642
- First ends
- Sep 2050
Assumption
Assumption + second
$2,096/mo
+$507/mo- Down payment
- $30,345
- Funds due
- $41,747
- Interest + MI left
- $230,130
- First ends
- Sep 2050
New loan
New conventional
$2,285/mo
+$695/mo- Down payment
- $30,345
- Funds due
- $38,495
- Interest + MI left
- $394,134
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,555 | $206,555 | $269,555 |
| Second mortgage | — | $63,000 | — |
| First P&I | $1,014.22 | $1,014.22 | $1,826.06 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | $170.40 | $170.40 | $53.91 |
| Taxes, insurance & HOA | $404.92 | $404.92 | $404.92 |
| Total housing payment | $1,589.53 | $2,096.45 | $2,284.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,345
Closing costs & prepaids$11,401
Usable credit−$0
Total buyer cash needed$41,747
Earnest money paid−$0
Remaining funds due$41,747
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$764.75
Prepaid interest, first (5 days)$84.89
Prepaid interest, second (5 days)$77.67
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 9 moOf the original 30-year loan at 3%
Interest already paid$42,059Through Dec 2026
Assumption only · ends Sep 2050$110,642
Assumption + second · ends Sep 2050, second Jan 2057$230,130
New conventional · ends Jan 2057$394,134