Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,464/mo
Lowest payment- Down payment
- $84,199
- Funds due
- $93,894
- Interest + MI left
- $104,165
- First ends
- Aug 2050
Assumption
Assumption + second
$1,923/mo
+$459/mo- Down payment
- $27,199
- Funds due
- $38,214
- Interest + MI left
- $212,273
- First ends
- Aug 2050
New loan
New conventional
$2,073/mo
+$609/mo- Down payment
- $27,199
- Funds due
- $34,979
- Interest + MI left
- $355,015
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $185,801 | $185,801 | $242,801 |
| Second mortgage | — | $57,000 | — |
| First P&I | $931.83 | $931.83 | $1,644.82 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | $153.01 | $153.01 | $48.56 |
| Taxes, insurance & HOA | $379.50 | $379.50 | $379.50 |
| Total housing payment | $1,464.34 | $1,922.98 | $2,072.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,199
Closing costs & prepaids$11,015
Usable credit−$0
Total buyer cash needed$38,214
Earnest money paid−$0
Remaining funds due$38,214
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$688.50
Prepaid interest, first (5 days)$80.94
Prepaid interest, second (5 days)$70.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 3.18%
Interest already paid$40,605Through Dec 2026
Assumption only · ends Aug 2050$104,165
Assumption + second · ends Aug 2050, second Jan 2057$212,273
New conventional · ends Jan 2057$355,015