Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,946/mo
Lowest payment- Down payment
- $137,302
- Funds due
- $148,449
- Interest + MI left
- $143,951
- First ends
- Jul 2050
Assumption
Assumption + second
$2,734/mo
+$789/mo- Down payment
- $39,302
- Funds due
- $51,796
- Interest + MI left
- $329,822
- First ends
- Jul 2050
New loan
New conventional
$2,872/mo
+$926/mo- Down payment
- $39,302
- Funds due
- $48,435
- Interest + MI left
- $499,445
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,698 | $247,698 | $345,698 |
| Second mortgage | — | $98,000 | — |
| First P&I | $1,264.62 | $1,264.62 | $2,325.53 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | $203.77 | $203.77 | $69.14 |
| Taxes, insurance & HOA | $477.25 | $477.25 | $477.25 |
| Total housing payment | $1,945.63 | $2,734.16 | $2,871.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,302
Closing costs & prepaids$12,494
Usable credit−$0
Total buyer cash needed$51,796
Earnest money paid−$0
Remaining funds due$51,796
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$981.75
Prepaid interest, first (4 days)$90.39
Prepaid interest, second (4 days)$96.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 7 moOf the original 30-year loan at 3.33%
Interest already paid$57,404Through Dec 2026
Assumption only · ends Jul 2050$143,951
Assumption + second · ends Jul 2050, second Jan 2057$329,822
New conventional · ends Jan 2057$499,445