Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,159/mo
Lowest payment- Down payment
- $179,915
- Funds due
- $191,935
- Interest + MI left
- $179,143
- First ends
- Jun 2050
Assumption
Assumption + second
$3,121/mo
+$961/mo- Down payment
- $48,915
- Funds due
- $62,357
- Interest + MI left
- $394,186
- First ends
- Jun 2050
New loan
New conventional
$3,365/mo
+$1,205/mo- Down payment
- $48,915
- Funds due
- $58,985
- Interest + MI left
- $630,085
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $299,985 | $299,985 | $430,985 |
| Second mortgage | — | $131,000 | — |
| First P&I | $1,554.09 | $1,554.09 | $2,919.64 |
| Second P&I | — | $961.23 | — |
| Mortgage insurance | $246.68 | $246.68 | $86.20 |
| Taxes, insurance & HOA | $358.67 | $358.67 | $358.67 |
| Total housing payment | $2,159.44 | $3,120.67 | $3,364.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,915
Closing costs & prepaids$13,442
Usable credit−$0
Total buyer cash needed$62,357
Earnest money paid−$0
Remaining funds due$62,357
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,799.00
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)$576.00
Prepaid interest, first (6 days)$170.13
Prepaid interest, second (6 days)$172.27
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 6 moOf the original 30-year loan at 3.45%
Interest already paid$72,955Through Dec 2026
Assumption only · ends Jun 2050$179,143
Assumption + second · ends Jun 2050, second Jan 2057$394,186
New conventional · ends Jan 2057$630,085