Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,658/mo
Lowest payment- Down payment
- $44,611
- Funds due
- $54,139
- Interest + MI left
- $128,871
- First ends
- Feb 2050
Assumption
Assumption + second
$1,974/mo
+$316/mo- Down payment
- $13,611
- Funds due
- $24,439
- Interest + MI left
- $211,591
- First ends
- Feb 2050
New loan
New conventional
$2,050/mo
+$392/mo- Down payment
- $13,611
- Funds due
- $21,336
- Interest + MI left
- $354,011
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $210,289 | $210,289 | $241,289 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,117.40 | $1,117.40 | $1,634.58 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | $173.88 | $173.88 | $48.26 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $1,657.94 | $1,973.83 | $2,049.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,611
Closing costs & prepaids$10,828
Usable credit−$0
Total buyer cash needed$24,439
Earnest money paid−$0
Remaining funds due$24,439
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,549.00
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)$650.00
Prepaid interest, first (5 days)$103.99
Prepaid interest, second (5 days)$50.43
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 2 moOf the original 30-year loan at 3.61%
Interest already paid$56,445Through Dec 2026
Assumption only · ends Feb 2050$128,871
Assumption + second · ends Feb 2050, second Jan 2057$211,591
New conventional · ends Jan 2057$354,011