Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,807/mo
Lowest payment- Down payment
- $173,363
- Funds due
- $184,686
- Interest + MI left
- $126,460
- First ends
- Sep 2050
Assumption
Assumption + second
$2,783/mo
+$976/mo- Down payment
- $40,363
- Funds due
- $53,053
- Interest + MI left
- $344,787
- First ends
- Sep 2050
New loan
New conventional
$2,981/mo
+$1,174/mo- Down payment
- $40,363
- Funds due
- $49,685
- Interest + MI left
- $519,654
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $226,636 | $226,636 | $359,636 |
| Second mortgage | — | $133,000 | — |
| First P&I | $1,130.42 | $1,130.42 | $2,419.29 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | $186.33 | $186.33 | $71.93 |
| Taxes, insurance & HOA | $490.00 | $490.00 | $490.00 |
| Total housing payment | $1,806.74 | $2,782.65 | $2,981.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,363
Closing costs & prepaids$12,690
Usable credit−$0
Total buyer cash needed$53,053
Earnest money paid−$0
Remaining funds due$53,053
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.99
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)$1,020.00
Prepaid interest, first (4 days)$78.24
Prepaid interest, second (4 days)$116.60
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 9 moOf the original 30-year loan at 3.15%
Interest already paid$48,369Through Dec 2026
Assumption only · ends Sep 2050$126,460
Assumption + second · ends Sep 2050, second Jan 2057$344,787
New conventional · ends Jan 2057$519,654