Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,020/mo
Lowest payment- Down payment
- $146,511
- Funds due
- $157,876
- Interest + MI left
- $152,322
- First ends
- May 2050
Assumption
Assumption + second
$2,797/mo
+$778/mo- Down payment
- $40,511
- Funds due
- $53,242
- Interest + MI left
- $326,326
- First ends
- May 2050
New loan
New conventional
$2,996/mo
+$977/mo- Down payment
- $40,511
- Funds due
- $49,903
- Interest + MI left
- $525,486
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $253,389 | $253,389 | $359,389 |
| Second mortgage | — | $106,000 | — |
| First P&I | $1,321.09 | $1,321.09 | $2,434.63 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | $208.65 | $208.65 | $71.88 |
| Taxes, insurance & HOA | $489.92 | $489.92 | $489.92 |
| Total housing payment | $2,019.66 | $2,797.45 | $2,996.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,511
Closing costs & prepaids$12,731
Usable credit−$0
Total buyer cash needed$53,242
Earnest money paid−$0
Remaining funds due$53,242
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$1,019.75
Prepaid interest, first (5 days)$121.14
Prepaid interest, second (5 days)$116.16
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 3.49%
Interest already paid$63,189Through Dec 2026
Assumption only · ends May 2050$152,322
Assumption + second · ends May 2050, second Jan 2057$326,326
New conventional · ends Jan 2057$525,486