Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,369/mo
Lowest payment- Down payment
- $176,558
- Funds due
- $189,181
- Interest + MI left
- $172,797
- First ends
- May 2050
Assumption
Assumption + second
$3,308/mo
+$939/mo- Down payment
- $48,558
- Funds due
- $62,571
- Interest + MI left
- $382,916
- First ends
- May 2050
New loan
New conventional
$3,576/mo
+$1,207/mo- Down payment
- $48,558
- Funds due
- $59,182
- Interest + MI left
- $629,377
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $302,442 | $302,442 | $430,442 |
| Second mortgage | — | $128,000 | — |
| First P&I | $1,545.02 | $1,545.02 | $2,915.96 |
| Second P&I | — | $939.22 | — |
| Mortgage insurance | $250.20 | $250.20 | $86.09 |
| Taxes, insurance & HOA | $573.83 | $573.83 | $573.83 |
| Total housing payment | $2,369.06 | $3,308.28 | $3,575.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,558
Closing costs & prepaids$14,013
Usable credit−$0
Total buyer cash needed$62,571
Earnest money paid−$0
Remaining funds due$62,571
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,790.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,221.50
Prepaid interest, first (5 days)$136.31
Prepaid interest, second (5 days)$140.27
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 5 moOf the original 30-year loan at 3.29%
Interest already paid$71,274Through Dec 2026
Assumption only · ends May 2050$172,797
Assumption + second · ends May 2050, second Jan 2057$382,916
New conventional · ends Jan 2057$629,377