Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,644/mo
Lowest payment- Down payment
- $84,194
- Funds due
- $94,077
- Interest + MI left
- $133,628
- First ends
- Jul 2050
Assumption
Assumption + second
$2,062/mo
+$418/mo- Down payment
- $32,194
- Funds due
- $43,404
- Interest + MI left
- $232,253
- First ends
- Jul 2050
New loan
New conventional
$2,251/mo
+$607/mo- Down payment
- $32,194
- Funds due
- $40,163
- Interest + MI left
- $413,920
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $231,126 | $231,126 | $283,126 |
| Second mortgage | — | $52,000 | — |
| First P&I | $1,177.59 | $1,177.59 | $1,917.99 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | $190.22 | $190.22 | $56.63 |
| Taxes, insurance & HOA | $276.17 | $276.17 | $276.17 |
| Total housing payment | $1,643.97 | $2,062.38 | $2,250.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,194
Closing costs & prepaids$11,209
Usable credit−$0
Total buyer cash needed$43,404
Earnest money paid−$0
Remaining funds due$43,404
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,153.20
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)$378.50
Prepaid interest, first (6 days)$125.76
Prepaid interest, second (6 days)$76.93
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 3.31%
Interest already paid$53,255Through Dec 2026
Assumption only · ends Jul 2050$133,628
Assumption + second · ends Jul 2050, second Jan 2057$232,253
New conventional · ends Jan 2057$413,920