Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,626/mo
Lowest payment- Down payment
- $215,820
- Funds due
- $227,159
- Interest + MI left
- $116,701
- First ends
- Apr 2050
Assumption
Assumption + second
$2,910/mo
+$1,284/mo- Down payment
- $40,820
- Funds due
- $53,601
- Interest + MI left
- $403,973
- First ends
- Apr 2050
New loan
New conventional
$2,995/mo
+$1,369/mo- Down payment
- $40,820
- Funds due
- $50,210
- Interest + MI left
- $525,107
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,179 | $184,179 | $359,179 |
| Second mortgage | — | $175,000 | — |
| First P&I | $985.01 | $985.01 | $2,433.20 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | $151.21 | $151.21 | $71.84 |
| Taxes, insurance & HOA | $490.00 | $490.00 | $490.00 |
| Total housing payment | $1,626.22 | $2,910.30 | $2,995.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,820
Closing costs & prepaids$12,781
Usable credit−$0
Total buyer cash needed$53,601
Earnest money paid−$0
Remaining funds due$53,601
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 (5 days)$93.86
Prepaid interest, second (5 days)$191.78
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 4 moOf the original 30-year loan at 3.72%
Interest already paid$49,504Through Dec 2026
Assumption only · ends Apr 2050$116,701
Assumption + second · ends Apr 2050, second Jan 2057$403,973
New conventional · ends Jan 2057$525,107