Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,492/mo
Lowest payment- Down payment
- $86,029
- Funds due
- $95,756
- Interest + MI left
- $107,354
- First ends
- Aug 2050
Assumption
Assumption + second
$1,959/mo
+$467/mo- Down payment
- $28,029
- Funds due
- $39,048
- Interest + MI left
- $217,359
- First ends
- Aug 2050
New loan
New conventional
$2,095/mo
+$603/mo- Down payment
- $28,029
- Funds due
- $35,769
- Interest + MI left
- $356,810
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $188,971 | $188,971 | $246,971 |
| Second mortgage | — | $58,000 | — |
| First P&I | $952.66 | $952.66 | $1,661.39 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $155.44 | $155.44 | $49.39 |
| Taxes, insurance & HOA | $383.75 | $383.75 | $383.75 |
| Total housing payment | $1,491.85 | $1,958.53 | $2,094.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,029
Closing costs & prepaids$11,019
Usable credit−$0
Total buyer cash needed$39,048
Earnest money paid−$0
Remaining funds due$39,048
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$701.25
Prepaid interest, first (3 days)$50.17
Prepaid interest, second (3 days)$42.90
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 8 moOf the original 30-year loan at 3.23%
Interest already paid$41,922Through Dec 2026
Assumption only · ends Aug 2050$107,354
Assumption + second · ends Aug 2050, second Jan 2057$217,359
New conventional · ends Jan 2057$356,810