Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,278/mo
Lowest payment- Down payment
- $215,405
- Funds due
- $225,840
- Interest + MI left
- $101,022
- First ends
- Jun 2050
Assumption
Assumption + second
$2,577/mo
+$1,299/mo- Down payment
- $38,405
- Funds due
- $50,129
- Interest + MI left
- $391,577
- First ends
- Jun 2050
New loan
New conventional
$2,730/mo
+$1,452/mo- Down payment
- $38,405
- Funds due
- $46,710
- Interest + MI left
- $524,118
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $168,595 | $168,595 | $345,595 |
| Second mortgage | — | $177,000 | — |
| First P&I | $871.42 | $871.42 | $2,392.83 |
| Second P&I | — | $1,298.76 | — |
| Mortgage insurance | $138.32 | $138.32 | $69.12 |
| Taxes, insurance & HOA | $268.08 | $268.08 | $268.08 |
| Total housing payment | $1,277.82 | $2,576.58 | $2,730.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,405
Closing costs & prepaids$11,724
Usable credit−$0
Total buyer cash needed$50,129
Earnest money paid−$0
Remaining funds due$50,129
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,840.00
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)$354.25
Prepaid interest, first (1 days)$15.94
Prepaid interest, second (1 days)$38.79
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 7 moOf the original 30-year loan at 3.450%
Interest already paid$40,423Through Nov 2026
Assumption only · ends Jun 2050$101,022
Assumption + second · ends Jun 2050, second Dec 2056$391,577
New conventional · ends Dec 2056$524,118