Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,693/mo
Lowest payment- Down payment
- $149,573
- Funds due
- $160,291
- Interest + MI left
- $125,917
- First ends
- Jan 2050
Assumption
Assumption + second
$2,529/mo
+$836/mo- Down payment
- $35,573
- Funds due
- $47,666
- Interest + MI left
- $313,054
- First ends
- Jan 2050
New loan
New conventional
$2,640/mo
+$947/mo- Down payment
- $35,573
- Funds due
- $44,343
- Interest + MI left
- $459,535
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,327 | $200,327 | $314,327 |
| Second mortgage | — | $114,000 | — |
| First P&I | $1,079.74 | $1,079.74 | $2,129.36 |
| Second P&I | — | $836.49 | — |
| Mortgage insurance | $165.55 | $165.55 | $62.87 |
| Taxes, insurance & HOA | $447.42 | $447.42 | $447.42 |
| Total housing payment | $1,692.71 | $2,529.20 | $2,639.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,573
Closing costs & prepaids$12,094
Usable credit−$0
Total buyer cash needed$47,666
Earnest money paid−$0
Remaining funds due$47,666
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$892.25
Prepaid interest, first (5 days)$102.36
Prepaid interest, second (5 days)$124.93
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 1 moOf the original 30-year loan at 3.73%
Interest already paid$56,227Through Dec 2026
Assumption only · ends Jan 2050$125,917
Assumption + second · ends Jan 2050, second Jan 2057$313,054
New conventional · ends Jan 2057$459,535