Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,404/mo
Lowest payment- Down payment
- $104,235
- Funds due
- $114,048
- Interest + MI left
- $97,814
- First ends
- Oct 2050
Assumption
Assumption + second
$2,016/mo
+$612/mo- Down payment
- $28,235
- Funds due
- $39,392
- Interest + MI left
- $241,959
- First ends
- Oct 2050
New loan
New conventional
$2,143/mo
+$739/mo- Down payment
- $28,235
- Funds due
- $36,138
- Interest + MI left
- $367,976
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,665 | $175,665 | $251,665 |
| Second mortgage | — | $76,000 | — |
| First P&I | $872.30 | $872.30 | $1,704.87 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | $144.15 | $144.15 | $50.33 |
| Taxes, insurance & HOA | $387.92 | $387.92 | $387.92 |
| Total housing payment | $1,404.36 | $2,015.87 | $2,143.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,235
Closing costs & prepaids$11,157
Usable credit−$0
Total buyer cash needed$39,392
Earnest money paid−$0
Remaining funds due$39,392
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,799.00
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)$713.75
Prepaid interest, first (5 days)$75.32
Prepaid interest, second (5 days)$93.70
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 10 moOf the original 30-year loan at 3.13%
Interest already paid$36,715Through Dec 2026
Assumption only · ends Oct 2050$97,814
Assumption + second · ends Oct 2050, second Jan 2057$241,959
New conventional · ends Jan 2057$367,976