Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,575/mo
Lowest payment- Down payment
- $170,845
- Funds due
- $184,030
- Interest + MI left
- $178,120
- First ends
- Sep 2050
Assumption
Assumption + second
$3,470/mo
+$895/mo- Down payment
- $48,845
- Funds due
- $63,414
- Interest + MI left
- $378,389
- First ends
- Sep 2050
New loan
New conventional
$3,782/mo
+$1,207/mo- Down payment
- $48,845
- Funds due
- $60,032
- Interest + MI left
- $637,731
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,155 | $314,155 | $436,155 |
| Second mortgage | — | $122,000 | — |
| First P&I | $1,576.76 | $1,576.76 | $2,954.67 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | $257.93 | $257.93 | $87.23 |
| Taxes, insurance & HOA | $740.58 | $740.58 | $740.58 |
| Total housing payment | $2,575.28 | $3,470.47 | $3,782.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,845
Closing costs & prepaids$14,569
Usable credit−$0
Total buyer cash needed$63,414
Earnest money paid−$0
Remaining funds due$63,414
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,721.75
Prepaid interest, first (5 days)$138.14
Prepaid interest, second (5 days)$133.70
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 9 moOf the original 30-year loan at 3.21%
Interest already paid$68,275Through Dec 2026
Assumption only · ends Sep 2050$178,120
Assumption + second · ends Sep 2050, second Jan 2057$378,389
New conventional · ends Jan 2057$637,731