Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,010/mo
Lowest payment- Down payment
- $59,119
- Funds due
- $69,545
- Interest + MI left
- $155,192
- First ends
- Jun 2050
Assumption
Assumption + second
$2,219/mo
+$209/mo- Down payment
- $33,119
- Funds due
- $44,827
- Interest + MI left
- $204,504
- First ends
- Jun 2050
New loan
New conventional
$2,462/mo
+$452/mo- Down payment
- $33,119
- Funds due
- $41,579
- Interest + MI left
- $426,720
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $265,881 | $265,881 | $291,881 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,364.81 | $1,364.81 | $1,977.30 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $219.08 | $219.08 | $58.38 |
| Taxes, insurance & HOA | $426.25 | $426.25 | $426.25 |
| Total housing payment | $2,010.14 | $2,219.35 | $2,461.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,119
Closing costs & prepaids$11,708
Usable credit−$0
Total buyer cash needed$44,827
Earnest money paid−$0
Remaining funds due$44,827
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$828.75
Prepaid interest, first (5 days)$122.38
Prepaid interest, second (5 days)$32.05
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 6 moOf the original 30-year loan at 3.36%
Interest already paid$63,042Through Dec 2026
Assumption only · ends Jun 2050$155,192
Assumption + second · ends Jun 2050, second Jan 2057$204,504
New conventional · ends Jan 2057$426,720