Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,789/mo
Lowest payment- Down payment
- $87,420
- Funds due
- $99,508
- Interest + MI left
- $240,013
- First ends
- Sep 2050
Assumption
Assumption + second
$3,071/mo
+$282/mo- Down payment
- $52,420
- Funds due
- $65,767
- Interest + MI left
- $306,395
- First ends
- Sep 2050
New loan
New conventional
$3,604/mo
+$815/mo- Down payment
- $52,420
- Funds due
- $62,241
- Interest + MI left
- $701,440
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $427,579 | $427,579 | $462,579 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,129.90 | $2,129.90 | $3,202.80 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $350.63 | $350.63 | $92.52 |
| Taxes, insurance & HOA | $308.92 | $308.92 | $308.92 |
| Total housing payment | $2,789.44 | $3,071.06 | $3,604.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,420
Closing costs & prepaids$13,347
Usable credit−$0
Total buyer cash needed$65,767
Earnest money paid−$0
Remaining funds due$65,767
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,149.99
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$426.75
Prepaid interest, first (1 days)$37.02
Prepaid interest, second (1 days)$8.63
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.160%
Interest already paid$90,192Through Nov 2026
Assumption only · ends Sep 2050$240,013
Assumption + second · ends Sep 2050, second Dec 2056$306,395
New conventional · ends Dec 2056$701,440