Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,566/mo
Lowest payment- Down payment
- $212,994
- Funds due
- $224,184
- Interest + MI left
- $110,021
- First ends
- Apr 2050
Assumption
Assumption + second
$2,836/mo
+$1,269/mo- Down payment
- $39,994
- Funds due
- $52,585
- Interest + MI left
- $394,010
- First ends
- Apr 2050
New loan
New conventional
$2,906/mo
+$1,340/mo- Down payment
- $39,994
- Funds due
- $49,186
- Interest + MI left
- $505,669
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $177,006 | $177,006 | $350,006 |
| Second mortgage | — | $173,000 | — |
| First P&I | $939.08 | $939.08 | $2,354.51 |
| Second P&I | — | $1,269.41 | — |
| Mortgage insurance | $145.59 | $145.59 | $70.00 |
| Taxes, insurance & HOA | $481.50 | $481.50 | $481.50 |
| Total housing payment | $1,566.17 | $2,835.58 | $2,906.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,994
Closing costs & prepaids$12,592
Usable credit−$0
Total buyer cash needed$52,585
Earnest money paid−$0
Remaining funds due$52,585
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$994.50
Prepaid interest, first (4 days)$70.61
Prepaid interest, second (4 days)$151.67
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 4 moOf the original 30-year loan at 3.64%
Interest already paid$46,598Through Dec 2026
Assumption only · ends Apr 2050$110,021
Assumption + second · ends Apr 2050, second Jan 2057$394,010
New conventional · ends Jan 2057$505,669