Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,753/mo
Lowest payment- Down payment
- $165,581
- Funds due
- $178,482
- Interest + MI left
- $234,772
- First ends
- Jan 2050
Assumption
Assumption + second
$3,560/mo
+$807/mo- Down payment
- $55,581
- Funds due
- $69,901
- Interest + MI left
- $415,343
- First ends
- Jan 2050
New loan
New conventional
$3,835/mo
+$1,082/mo- Down payment
- $55,581
- Funds due
- $66,541
- Interest + MI left
- $722,922
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $384,419 | $384,419 | $494,419 |
| Second mortgage | — | $110,000 | — |
| First P&I | $2,047.39 | $2,047.39 | $3,349.37 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | $318.59 | $318.59 | $98.88 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $2,752.64 | $3,559.78 | $3,834.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,581
Closing costs & prepaids$14,320
Usable credit−$0
Total buyer cash needed$69,901
Earnest money paid−$0
Remaining funds due$69,901
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$660.00
Prepaid interest, first (7 days)$266.14
Prepaid interest, second (7 days)$168.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 1 moOf the original 30-year loan at 3.61%
Interest already paid$104,582Through Dec 2026
Assumption only · ends Jan 2050$234,772
Assumption + second · ends Jan 2050, second Jan 2057$415,343
New conventional · ends Jan 2057$722,922