Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,802/mo
Lowest payment- Down payment
- $112,323
- Funds due
- $122,898
- Interest + MI left
- $133,744
- First ends
- May 2050
Assumption
Assumption + second
$2,430/mo
+$628/mo- Down payment
- $34,323
- Funds due
- $46,225
- Interest + MI left
- $281,682
- First ends
- May 2050
New loan
New conventional
$2,556/mo
+$753/mo- Down payment
- $34,323
- Funds due
- $42,909
- Interest + MI left
- $441,541
- 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 | $305,577 |
| Second mortgage | — | $78,000 | — |
| First P&I | $1,175.71 | $1,175.71 | $2,055.64 |
| Second P&I | — | $627.61 | — |
| Mortgage insurance | $187.79 | $187.79 | $61.12 |
| Taxes, insurance & HOA | $438.92 | $438.92 | $438.92 |
| Total housing payment | $1,802.41 | $2,430.02 | $2,555.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,323
Closing costs & prepaids$11,902
Usable credit−$0
Total buyer cash needed$46,225
Earnest money paid−$0
Remaining funds due$46,225
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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)$866.75
Prepaid interest, first (4 days)$84.80
Prepaid interest, second (4 days)$76.93
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$281,682
New conventional · ends Jan 2057$441,541