Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,760/mo
Lowest payment- Down payment
- $95,933
- Funds due
- $106,176
- Interest + MI left
- $136,165
- First ends
- Apr 2050
Assumption
Assumption + second
$2,275/mo
+$515/mo- Down payment
- $31,933
- Funds due
- $43,474
- Interest + MI left
- $257,550
- First ends
- Apr 2050
New loan
New conventional
$2,379/mo
+$618/mo- Down payment
- $31,933
- Funds due
- $40,157
- Interest + MI left
- $409,016
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,067 | $219,067 | $283,067 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,162.23 | $1,162.23 | $1,904.21 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $180.18 | $180.18 | $56.61 |
| Taxes, insurance & HOA | $417.75 | $417.75 | $417.75 |
| Total housing payment | $1,760.16 | $2,275.12 | $2,378.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,933
Closing costs & prepaids$11,541
Usable credit−$0
Total buyer cash needed$43,474
Earnest money paid−$0
Remaining funds due$43,474
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$803.25
Prepaid interest, first (3 days)$65.54
Prepaid interest, second (3 days)$47.34
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 3 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$57,671Through Dec 2026
Assumption only · ends Apr 2050$136,165
Assumption + second · ends Apr 2050, second Jan 2057$257,550
New conventional · ends Jan 2057$409,016