Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,911/mo
Lowest payment- Down payment
- $182,906
- Funds due
- $194,316
- Interest + MI left
- $154,423
- First ends
- Jul 2050
Assumption
Assumption + second
$2,916/mo
+$1,005/mo- Down payment
- $45,906
- Funds due
- $58,746
- Interest + MI left
- $379,316
- First ends
- Jul 2050
New loan
New conventional
$3,148/mo
+$1,238/mo- Down payment
- $45,906
- Funds due
- $55,389
- Interest + MI left
- $590,771
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $267,094 | $267,094 | $404,094 |
| Second mortgage | — | $137,000 | — |
| First P&I | $1,360.85 | $1,360.85 | $2,737.47 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | $219.82 | $219.82 | $80.82 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $1,910.67 | $2,915.93 | $3,148.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,906
Closing costs & prepaids$12,840
Usable credit−$0
Total buyer cash needed$58,746
Earnest money paid−$0
Remaining funds due$58,746
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Prepaid interest, first (6 days)$145.33
Prepaid interest, second (6 days)$180.16
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 7 moOf the original 30-year loan at 3.31%
Interest already paid$61,543Through Dec 2026
Assumption only · ends Jul 2050$154,423
Assumption + second · ends Jul 2050, second Jan 2057$379,316
New conventional · ends Jan 2057$590,771