Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,633/mo
Lowest payment- Down payment
- $159,704
- Funds due
- $172,433
- Interest + MI left
- $219,814
- First ends
- Jul 2050
Assumption
Assumption + second
$3,403/mo
+$770/mo- Down payment
- $54,704
- Funds due
- $68,821
- Interest + MI left
- $392,177
- First ends
- Jul 2050
New loan
New conventional
$3,767/mo
+$1,134/mo- Down payment
- $54,704
- Funds due
- $65,452
- Interest + MI left
- $709,437
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $380,196 | $380,196 | $485,196 |
| Second mortgage | — | $105,000 | — |
| First P&I | $1,937.10 | $1,937.10 | $3,286.89 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | $312.91 | $312.91 | $97.04 |
| Taxes, insurance & HOA | $382.67 | $382.67 | $382.67 |
| Total housing payment | $2,632.67 | $3,403.13 | $3,766.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,704
Closing costs & prepaids$14,117
Usable credit−$0
Total buyer cash needed$68,821
Earnest money paid−$0
Remaining funds due$68,821
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,399.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$648.00
Prepaid interest, first (6 days)$206.87
Prepaid interest, second (6 days)$138.08
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$87,603Through Dec 2026
Assumption only · ends Jul 2050$219,814
Assumption + second · ends Jul 2050, second Jan 2057$392,177
New conventional · ends Jan 2057$709,437