Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,751/mo
Lowest payment- Down payment
- $83,529
- Funds due
- $93,626
- Interest + MI left
- $142,178
- First ends
- Aug 2050
Assumption
Assumption + second
$2,153/mo
+$402/mo- Down payment
- $33,529
- Funds due
- $44,950
- Interest + MI left
- $237,010
- First ends
- Aug 2050
New loan
New conventional
$2,378/mo
+$627/mo- Down payment
- $33,529
- Funds due
- $41,712
- Interest + MI left
- $439,046
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,271 | $250,271 | $300,271 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,261.69 | $1,261.69 | $2,034.14 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $205.87 | $205.87 | $60.05 |
| Taxes, insurance & HOA | $283.50 | $283.50 | $283.50 |
| Total housing payment | $1,751.06 | $2,153.37 | $2,377.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,529
Closing costs & prepaids$11,420
Usable credit−$0
Total buyer cash needed$44,950
Earnest money paid−$0
Remaining funds due$44,950
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,338.00
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)$400.50
Prepaid interest, first (6 days)$132.88
Prepaid interest, second (6 days)$73.97
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 8 moOf the original 30-year loan at 3.23%
Interest already paid$55,521Through Dec 2026
Assumption only · ends Aug 2050$142,178
Assumption + second · ends Aug 2050, second Jan 2057$237,010
New conventional · ends Jan 2057$439,046