Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,675/mo
Lowest payment- Down payment
- $82,033
- Funds due
- $92,098
- Interest + MI left
- $120,180
- First ends
- Jul 2050
Assumption
Assumption + second
$2,094/mo
+$418/mo- Down payment
- $30,033
- Funds due
- $41,399
- Interest + MI left
- $218,805
- First ends
- Jul 2050
New loan
New conventional
$2,275/mo
+$600/mo- Down payment
- $30,033
- Funds due
- $38,133
- Interest + MI left
- $390,087
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,967 | $217,967 | $269,967 |
| Second mortgage | — | $52,000 | — |
| First P&I | $1,090.09 | $1,090.09 | $1,816.09 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | $180.13 | $180.13 | $53.99 |
| Taxes, insurance & HOA | $405.00 | $405.00 | $405.00 |
| Total housing payment | $1,675.22 | $2,093.62 | $2,275.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,033
Closing costs & prepaids$11,366
Usable credit−$0
Total buyer cash needed$41,399
Earnest money paid−$0
Remaining funds due$41,399
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$765.00
Prepaid interest, first (4 days)$74.77
Prepaid interest, second (4 days)$51.29
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 7 moOf the original 30-year loan at 3.13%
Interest already paid$47,596Through Dec 2026
Assumption only · ends Jul 2050$120,180
Assumption + second · ends Jul 2050, second Jan 2057$218,805
New conventional · ends Jan 2057$390,087