Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,828/mo
Lowest payment- Down payment
- $196,059
- Funds due
- $207,152
- Interest + MI left
- $160,138
- First ends
- Mar 2050
Assumption
Assumption + second
$2,936/mo
+$1,108/mo- Down payment
- $45,059
- Funds due
- $57,435
- Interest + MI left
- $408,012
- First ends
- Mar 2050
New loan
New conventional
$3,149/mo
+$1,321/mo- Down payment
- $45,059
- Funds due
- $53,958
- Interest + MI left
- $614,120
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $253,941 | $253,941 | $404,941 |
| Second mortgage | — | $151,000 | — |
| First P&I | $1,355.38 | $1,355.38 | $2,803.73 |
| Second P&I | — | $1,107.98 | — |
| Mortgage insurance | $208.58 | $208.58 | $80.99 |
| Taxes, insurance & HOA | $264.08 | $264.08 | $264.08 |
| Total housing payment | $1,828.05 | $2,936.03 | $3,148.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,059
Closing costs & prepaids$12,376
Usable credit−$0
Total buyer cash needed$57,435
Earnest money paid−$0
Remaining funds due$57,435
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$342.25
Prepaid interest, first (1 days)$25.74
Prepaid interest, second (1 days)$33.10
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 4 moOf the original 30-year loan at 3.700%
Interest already paid$67,904Through Nov 2026
Assumption only · ends Mar 2050$160,138
Assumption + second · ends Mar 2050, second Dec 2056$408,012
New conventional · ends Dec 2056$614,120