Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,811/mo
Lowest payment- Down payment
- $122,323
- Funds due
- $133,024
- Interest + MI left
- $133,744
- First ends
- May 2050
Assumption
Assumption + second
$2,511/mo
+$700/mo- Down payment
- $35,323
- Funds due
- $47,360
- Interest + MI left
- $298,752
- First ends
- May 2050
New loan
New conventional
$2,627/mo
+$816/mo- Down payment
- $35,323
- Funds due
- $44,031
- Interest + MI left
- $454,546
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $227,577 | $227,577 | $314,577 |
| Second mortgage | — | $87,000 | — |
| First P&I | $1,175.71 | $1,175.71 | $2,116.18 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $187.79 | $187.79 | $62.92 |
| Taxes, insurance & HOA | $447.42 | $447.42 | $447.42 |
| Total housing payment | $1,810.91 | $2,510.93 | $2,626.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,323
Closing costs & prepaids$12,037
Usable credit−$0
Total buyer cash needed$47,360
Earnest money paid−$0
Remaining funds due$47,360
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 (4 days)$84.80
Prepaid interest, second (4 days)$85.81
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 5 moOf the original 30-year loan at 3.4%
Interest already paid$55,349Through Dec 2026
Assumption only · ends May 2050$133,744
Assumption + second · ends May 2050, second Jan 2057$298,752
New conventional · ends Jan 2057$454,546