Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,139/mo
Lowest payment- Down payment
- $86,400
- Funds due
- $97,339
- Interest + MI left
- $166,642
- First ends
- May 2050
Assumption
Assumption + second
$2,534/mo
+$394/mo- Down payment
- $37,400
- Funds due
- $49,649
- Interest + MI left
- $259,578
- First ends
- May 2050
New loan
New conventional
$2,745/mo
+$606/mo- Down payment
- $37,400
- Funds due
- $46,354
- Interest + MI left
- $478,940
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,600 | $278,600 | $327,600 |
| Second mortgage | — | $49,000 | — |
| First P&I | $1,449.58 | $1,449.58 | $2,219.28 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | $229.52 | $229.52 | $65.52 |
| Taxes, insurance & HOA | $460.25 | $460.25 | $460.25 |
| Total housing payment | $2,139.35 | $2,533.61 | $2,745.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,400
Closing costs & prepaids$12,249
Usable credit−$0
Total buyer cash needed$49,649
Earnest money paid−$0
Remaining funds due$49,649
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$930.75
Prepaid interest, first (5 days)$132.43
Prepaid interest, second (5 days)$60.41
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 3.47%
Interest already paid$69,095Through Dec 2026
Assumption only · ends May 2050$166,642
Assumption + second · ends May 2050, second Jan 2057$259,578
New conventional · ends Jan 2057$478,940