Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,574/mo
Lowest payment- Down payment
- $81,014
- Funds due
- $90,949
- Interest + MI left
- $109,340
- First ends
- Nov 2050
Assumption
Assumption + second
$1,992/mo
+$418/mo- Down payment
- $29,014
- Funds due
- $40,263
- Interest + MI left
- $207,965
- First ends
- Nov 2050
New loan
New conventional
$2,209/mo
+$635/mo- Down payment
- $29,014
- Funds due
- $37,032
- Interest + MI left
- $380,143
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,986 | $207,986 | $259,986 |
| Second mortgage | — | $52,000 | — |
| First P&I | $1,006.73 | $1,006.73 | $1,761.24 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | $171.10 | $171.10 | $52.00 |
| Taxes, insurance & HOA | $395.67 | $395.67 | $395.67 |
| Total housing payment | $1,573.51 | $1,991.91 | $2,208.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,014
Closing costs & prepaids$11,249
Usable credit−$0
Total buyer cash needed$40,263
Earnest money paid−$0
Remaining funds due$40,263
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,890.00
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)$737.00
Prepaid interest, first (5 days)$82.91
Prepaid interest, second (5 days)$64.11
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 2.91%
Interest already paid$39,919Through Dec 2026
Assumption only · ends Nov 2050$109,340
Assumption + second · ends Nov 2050, second Jan 2057$207,965
New conventional · ends Jan 2057$380,143