Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,671/mo
Lowest payment- Down payment
- $105,276
- Funds due
- $115,667
- Interest + MI left
- $115,511
- First ends
- Nov 2050
Assumption
Assumption + second
$2,250/mo
+$579/mo- Down payment
- $33,276
- Funds due
- $45,006
- Interest + MI left
- $252,069
- First ends
- Nov 2050
New loan
New conventional
$2,461/mo
+$790/mo- Down payment
- $33,276
- Funds due
- $41,734
- Interest + MI left
- $426,490
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,724 | $219,724 | $291,724 |
| Second mortgage | — | $72,000 | — |
| First P&I | $1,063.55 | $1,063.55 | $1,976.24 |
| Second P&I | — | $579.33 | — |
| Mortgage insurance | $180.76 | $180.76 | $58.34 |
| Taxes, insurance & HOA | $426.25 | $426.25 | $426.25 |
| Total housing payment | $1,670.56 | $2,249.89 | $2,460.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,276
Closing costs & prepaids$11,730
Usable credit−$0
Total buyer cash needed$45,006
Earnest money paid−$0
Remaining funds due$45,006
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$828.75
Prepaid interest, first (5 days)$87.59
Prepaid interest, second (5 days)$88.77
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$42,171Through Dec 2026
Assumption only · ends Nov 2050$115,511
Assumption + second · ends Nov 2050, second Jan 2057$252,069
New conventional · ends Jan 2057$426,490