Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,729/mo
Lowest payment- Down payment
- $176,766
- Funds due
- $187,566
- Interest + MI left
- $146,900
- First ends
- Jul 2050
Assumption
Assumption + second
$2,705/mo
+$976/mo- Down payment
- $43,766
- Funds due
- $55,845
- Interest + MI left
- $365,226
- First ends
- Jul 2050
New loan
New conventional
$2,985/mo
+$1,256/mo- Down payment
- $43,766
- Funds due
- $52,383
- Interest + MI left
- $585,673
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $253,234 | $253,234 | $386,234 |
| Second mortgage | — | $133,000 | — |
| First P&I | $1,287.23 | $1,287.23 | $2,674.21 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | $207.93 | $207.93 | $77.25 |
| Taxes, insurance & HOA | $233.92 | $233.92 | $233.92 |
| Total housing payment | $1,729.07 | $2,704.98 | $2,985.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,766
Closing costs & prepaids$12,079
Usable credit−$0
Total buyer cash needed$55,845
Earnest money paid−$0
Remaining funds due$55,845
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$251.75
Prepaid interest, first (1 days)$22.96
Prepaid interest, second (1 days)$29.15
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 8 moOf the original 30-year loan at 3.310%
Interest already paid$57,515Through Nov 2026
Assumption only · ends Jul 2050$146,900
Assumption + second · ends Jul 2050, second Dec 2056$365,226
New conventional · ends Dec 2056$585,673