Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,229/mo
Lowest payment- Down payment
- $118,907
- Funds due
- $130,296
- Interest + MI left
- $177,915
- First ends
- Mar 2050
Assumption
Assumption + second
$2,857/mo
+$628/mo- Down payment
- $40,907
- Funds due
- $53,642
- Interest + MI left
- $325,853
- First ends
- Mar 2050
New loan
New conventional
$2,994/mo
+$765/mo- Down payment
- $40,907
- Funds due
- $50,296
- Interest + MI left
- $524,982
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,093 | $281,093 | $359,093 |
| Second mortgage | — | $78,000 | — |
| First P&I | $1,508.20 | $1,508.20 | $2,432.62 |
| Second P&I | — | $627.61 | — |
| Mortgage insurance | $231.25 | $231.25 | $71.82 |
| Taxes, insurance & HOA | $490.00 | $490.00 | $490.00 |
| Total housing payment | $2,229.45 | $2,857.05 | $2,994.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,907
Closing costs & prepaids$12,735
Usable credit−$0
Total buyer cash needed$53,642
Earnest money paid−$0
Remaining funds due$53,642
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$1,020.00
Prepaid interest, first (5 days)$143.63
Prepaid interest, second (5 days)$96.16
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 3 moOf the original 30-year loan at 3.73%
Interest already paid$76,793Through Dec 2026
Assumption only · ends Mar 2050$177,915
Assumption + second · ends Mar 2050, second Jan 2057$325,853
New conventional · ends Jan 2057$524,982