Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,319/mo
Lowest payment- Down payment
- $201,174
- Funds due
- $213,650
- Interest + MI left
- $196,595
- First ends
- Apr 2050
Assumption
Assumption + second
$3,412/mo
+$1,093/mo- Down payment
- $52,174
- Funds due
- $66,096
- Interest + MI left
- $441,186
- First ends
- Apr 2050
New loan
New conventional
$3,630/mo
+$1,311/mo- Down payment
- $52,174
- Funds due
- $62,691
- Interest + MI left
- $682,577
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $317,826 | $317,826 | $466,826 |
| Second mortgage | — | $149,000 | — |
| First P&I | $1,682.79 | $1,682.79 | $3,162.44 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | $261.53 | $261.53 | $93.37 |
| Taxes, insurance & HOA | $374.25 | $374.25 | $374.25 |
| Total housing payment | $2,318.57 | $3,411.88 | $3,630.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,174
Closing costs & prepaids$13,923
Usable credit−$0
Total buyer cash needed$66,096
Earnest money paid−$0
Remaining funds due$66,096
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,190.00
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)$622.75
Prepaid interest, first (6 days)$189.13
Prepaid interest, second (6 days)$195.95
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 3.62%
Interest already paid$83,230Through Dec 2026
Assumption only · ends Apr 2050$196,595
Assumption + second · ends Apr 2050, second Jan 2057$441,186
New conventional · ends Jan 2057$682,577