Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,012/mo
Lowest payment- Down payment
- $96,334
- Funds due
- $106,977
- Interest + MI left
- $169,673
- First ends
- May 2050
Assumption
Assumption + second
$2,478/mo
+$467/mo- Down payment
- $38,334
- Funds due
- $50,313
- Interest + MI left
- $279,678
- First ends
- May 2050
New loan
New conventional
$2,685/mo
+$673/mo- Down payment
- $38,334
- Funds due
- $47,035
- Interest + MI left
- $499,572
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $283,666 | $283,666 | $341,666 |
| Second mortgage | — | $58,000 | — |
| First P&I | $1,475.94 | $1,475.94 | $2,314.56 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $233.69 | $233.69 | $68.33 |
| Taxes, insurance & HOA | $302.00 | $302.00 | $302.00 |
| Total housing payment | $2,011.63 | $2,478.31 | $2,684.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,334
Closing costs & prepaids$11,979
Usable credit−$0
Total buyer cash needed$50,313
Earnest money paid−$0
Remaining funds due$50,313
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$456.00
Prepaid interest, first (6 days)$161.81
Prepaid interest, second (6 days)$85.81
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 5 moOf the original 30-year loan at 3.47%
Interest already paid$70,351Through Dec 2026
Assumption only · ends May 2050$169,673
Assumption + second · ends May 2050, second Jan 2057$279,678
New conventional · ends Jan 2057$499,572