Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,298/mo
Lowest payment- Down payment
- $46,338
- Funds due
- $55,131
- Interest + MI left
- $107,790
- First ends
- May 2050
Assumption
Assumption + second
$1,655/mo
+$357/mo- Down payment
- $11,338
- Funds due
- $21,449
- Interest + MI left
- $201,185
- First ends
- May 2050
New loan
New conventional
$1,693/mo
+$395/mo- Down payment
- $11,338
- Funds due
- $18,360
- Interest + MI left
- $306,183
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,662 | $173,662 | $208,662 |
| Second mortgage | — | $35,000 | — |
| First P&I | $917.40 | $917.40 | $1,413.55 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $142.58 | $142.58 | $41.73 |
| Taxes, insurance & HOA | $238.00 | $238.00 | $238.00 |
| Total housing payment | $1,297.98 | $1,654.63 | $1,693.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,338
Closing costs & prepaids$10,111
Usable credit−$0
Total buyer cash needed$21,449
Earnest money paid−$0
Remaining funds due$21,449
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,200.00
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)$264.00
Prepaid interest, first (6 days)$103.34
Prepaid interest, second (6 days)$68.32
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 5 moOf the original 30-year loan at 3.62%
Interest already paid$44,850Through Dec 2026
Assumption only · ends May 2050$107,790
Assumption + second · ends May 2050, second Jan 2057$201,185
New conventional · ends Jan 2057$306,183