Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,230/mo
Lowest payment- Down payment
- $106,183
- Funds due
- $117,598
- Interest + MI left
- $163,599
- First ends
- Sep 2050
Assumption
Assumption + second
$2,761/mo
+$531/mo- Down payment
- $40,183
- Funds due
- $52,880
- Interest + MI left
- $288,777
- First ends
- Sep 2050
New loan
New conventional
$3,093/mo
+$863/mo- Down payment
- $40,183
- Funds due
- $49,491
- Interest + MI left
- $545,672
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $293,807 | $293,807 | $359,807 |
| Second mortgage | — | $66,000 | — |
| First P&I | $1,458.95 | $1,458.95 | $2,491.23 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | $241.09 | $241.09 | $71.96 |
| Taxes, insurance & HOA | $529.83 | $529.83 | $529.83 |
| Total housing payment | $2,229.88 | $2,760.93 | $3,093.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,183
Closing costs & prepaids$12,697
Usable credit−$0
Total buyer cash needed$52,880
Earnest money paid−$0
Remaining funds due$52,880
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.90
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)$1,139.50
Prepaid interest, first (2 days)$50.39
Prepaid interest, second (2 days)$32.55
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 10 moOf the original 30-year loan at 3.130%
Interest already paid$61,408Through Nov 2026
Assumption only · ends Sep 2050$163,599
Assumption + second · ends Sep 2050, second Dec 2056$288,777
New conventional · ends Dec 2056$545,672