Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,982/mo
Lowest payment- Down payment
- $156,131
- Funds due
- $167,280
- Interest + MI left
- $169,774
- First ends
- Mar 2050
Assumption
Assumption + second
$2,812/mo
+$829/mo- Down payment
- $43,131
- Funds due
- $55,679
- Interest + MI left
- $355,269
- First ends
- Mar 2050
New loan
New conventional
$2,983/mo
+$1,001/mo- Down payment
- $43,131
- Funds due
- $52,335
- Interest + MI left
- $558,356
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,869 | $268,869 | $381,869 |
| Second mortgage | — | $113,000 | — |
| First P&I | $1,441.18 | $1,441.18 | $2,586.91 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | $221.24 | $221.24 | $76.37 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $1,982.42 | $2,811.57 | $2,983.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,131
Closing costs & prepaids$12,548
Usable credit−$0
Total buyer cash needed$55,679
Earnest money paid−$0
Remaining funds due$55,679
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Prepaid interest, first (6 days)$164.42
Prepaid interest, second (6 days)$148.60
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 3 moOf the original 30-year loan at 3.72%
Interest already paid$73,266Through Dec 2026
Assumption only · ends Mar 2050$169,774
Assumption + second · ends Mar 2050, second Jan 2057$355,269
New conventional · ends Jan 2057$558,356