Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,274/mo
Lowest payment- Down payment
- $116,086
- Funds due
- $127,859
- Interest + MI left
- $153,917
- First ends
- Oct 2050
Assumption
Assumption + second
$2,885/mo
+$612/mo- Down payment
- $40,086
- Funds due
- $53,146
- Interest + MI left
- $298,062
- First ends
- Oct 2050
New loan
New conventional
$3,214/mo
+$941/mo- Down payment
- $40,086
- Funds due
- $49,757
- Interest + MI left
- $545,834
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $283,914 | $283,914 | $359,914 |
| Second mortgage | — | $76,000 | — |
| First P&I | $1,390.34 | $1,390.34 | $2,491.97 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | $232.99 | $232.99 | $71.98 |
| Taxes, insurance & HOA | $650.42 | $650.42 | $650.42 |
| Total housing payment | $2,273.75 | $2,885.26 | $3,214.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,086
Closing costs & prepaids$13,061
Usable credit−$0
Total buyer cash needed$53,146
Earnest money paid−$0
Remaining funds due$53,146
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$1,501.25
Prepaid interest, first (2 days)$46.98
Prepaid interest, second (2 days)$37.48
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.020%
Interest already paid$56,478Through Nov 2026
Assumption only · ends Oct 2050$153,917
Assumption + second · ends Oct 2050, second Dec 2056$298,062
New conventional · ends Dec 2056$545,834