Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,786/mo
Lowest payment- Down payment
- $124,066
- Funds due
- $134,533
- Interest + MI left
- $152,980
- First ends
- Apr 2050
Assumption
Assumption + second
$2,486/mo
+$700/mo- Down payment
- $37,066
- Funds due
- $48,911
- Interest + MI left
- $317,988
- First ends
- Apr 2050
New loan
New conventional
$2,587/mo
+$801/mo- Down payment
- $37,066
- Funds due
- $45,601
- Interest + MI left
- $480,225
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $241,434 | $241,434 | $328,434 |
| Second mortgage | — | $87,000 | — |
| First P&I | $1,291.21 | $1,291.21 | $2,224.93 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $198.22 | $198.22 | $65.69 |
| Taxes, insurance & HOA | $296.17 | $296.17 | $296.17 |
| Total housing payment | $1,785.59 | $2,485.62 | $2,586.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,066
Closing costs & prepaids$11,845
Usable credit−$0
Total buyer cash needed$48,911
Earnest money paid−$0
Remaining funds due$48,911
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,655.00
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)$438.50
Prepaid interest, first (6 days)$147.64
Prepaid interest, second (6 days)$128.71
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 4 moOf the original 30-year loan at 3.72%
Interest already paid$64,893Through Dec 2026
Assumption only · ends Apr 2050$152,980
Assumption + second · ends Apr 2050, second Jan 2057$317,988
New conventional · ends Jan 2057$480,225