Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$931/mo
Lowest payment- Down payment
- $164,188
- Funds due
- $173,382
- Interest + MI left
- $75,922
- First ends
- Feb 2050
Assumption
Assumption + second
$1,922/mo
+$991/mo- Down payment
- $29,188
- Funds due
- $39,662
- Interest + MI left
- $297,531
- First ends
- Feb 2050
New loan
New conventional
$2,008/mo
+$1,077/mo- Down payment
- $29,188
- Funds due
- $36,330
- Interest + MI left
- $387,905
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $120,812 | $120,812 | $255,812 |
| Second mortgage | — | $135,000 | — |
| First P&I | $646.28 | $646.28 | $1,771.19 |
| Second P&I | — | $990.58 | — |
| Mortgage insurance | $99.46 | $99.46 | $51.16 |
| Taxes, insurance & HOA | $185.67 | $185.67 | $185.67 |
| Total housing payment | $931.40 | $1,921.98 | $2,008.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,188
Closing costs & prepaids$10,474
Usable credit−$0
Total buyer cash needed$39,662
Earnest money paid−$0
Remaining funds due$39,662
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$107.00
Prepaid interest, first (1 days)$12.25
Prepaid interest, second (1 days)$29.59
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 3 moOf the original 30-year loan at 3.700%
Interest already paid$32,752Through Nov 2026
Assumption only · ends Feb 2050$75,922
Assumption + second · ends Feb 2050, second Dec 2056$297,531
New conventional · ends Dec 2056$387,905