Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,715/mo
Lowest payment- Down payment
- $123,977
- Funds due
- $134,487
- Interest + MI left
- $125,993
- First ends
- Mar 2050
Assumption
Assumption + second
$2,439/mo
+$724/mo- Down payment
- $33,977
- Funds due
- $45,826
- Interest + MI left
- $296,691
- First ends
- Mar 2050
New loan
New conventional
$2,520/mo
+$805/mo- Down payment
- $33,977
- Funds due
- $42,501
- Interest + MI left
- $434,961
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,023 | $211,023 | $301,023 |
| Second mortgage | — | $90,000 | — |
| First P&I | $1,105.31 | $1,105.31 | $2,025.00 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | $174.57 | $174.57 | $60.20 |
| Taxes, insurance & HOA | $434.75 | $434.75 | $434.75 |
| Total housing payment | $1,714.63 | $2,438.79 | $2,519.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,977
Closing costs & prepaids$11,849
Usable credit−$0
Total buyer cash needed$45,826
Earnest money paid−$0
Remaining funds due$45,826
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$854.25
Prepaid interest, first (4 days)$80.71
Prepaid interest, second (4 days)$88.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 3.49%
Interest already paid$54,100Through Dec 2026
Assumption only · ends Mar 2050$125,993
Assumption + second · ends Mar 2050, second Jan 2057$296,691
New conventional · ends Jan 2057$434,961