Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,301/mo
Lowest payment- Down payment
- $98,790
- Funds due
- $109,914
- Interest + MI left
- $201,858
- First ends
- Mar 2050
Assumption
Assumption + second
$2,751/mo
+$451/mo- Down payment
- $42,790
- Funds due
- $55,247
- Interest + MI left
- $308,069
- First ends
- Mar 2050
New loan
New conventional
$2,949/mo
+$648/mo- Down payment
- $42,790
- Funds due
- $51,936
- Interest + MI left
- $551,468
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $321,210 | $321,210 | $377,210 |
| Second mortgage | — | $56,000 | — |
| First P&I | $1,718.30 | $1,718.30 | $2,555.35 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $264.43 | $264.43 | $75.44 |
| Taxes, insurance & HOA | $318.00 | $318.00 | $318.00 |
| Total housing payment | $2,300.73 | $2,751.31 | $2,948.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,790
Closing costs & prepaids$12,457
Usable credit−$0
Total buyer cash needed$55,247
Earnest money paid−$0
Remaining funds due$55,247
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$504.00
Prepaid interest, first (6 days)$195.37
Prepaid interest, second (6 days)$82.85
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 3 moOf the original 30-year loan at 3.7%
Interest already paid$87,079Through Dec 2026
Assumption only · ends Mar 2050$201,858
Assumption + second · ends Mar 2050, second Jan 2057$308,069
New conventional · ends Jan 2057$551,468