Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,594/mo
Lowest payment- Down payment
- $140,402
- Funds due
- $150,778
- Interest + MI left
- $126,963
- First ends
- Jul 2050
Assumption
Assumption + second
$2,357/mo
+$763/mo- Down payment
- $36,402
- Funds due
- $48,165
- Interest + MI left
- $297,684
- First ends
- Jul 2050
New loan
New conventional
$2,551/mo
+$957/mo- Down payment
- $36,402
- Funds due
- $44,877
- Interest + MI left
- $473,154
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,598 | $219,598 | $323,598 |
| Second mortgage | — | $104,000 | — |
| First P&I | $1,118.85 | $1,118.85 | $2,192.17 |
| Second P&I | — | $763.12 | — |
| Mortgage insurance | $180.73 | $180.73 | $64.72 |
| Taxes, insurance & HOA | $294.00 | $294.00 | $294.00 |
| Total housing payment | $1,593.58 | $2,356.70 | $2,550.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,402
Closing costs & prepaids$11,763
Usable credit−$0
Total buyer cash needed$48,165
Earnest money paid−$0
Remaining funds due$48,165
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$432.00
Prepaid interest, first (6 days)$119.49
Prepaid interest, second (6 days)$136.77
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$50,599Through Dec 2026
Assumption only · ends Jul 2050$126,963
Assumption + second · ends Jul 2050, second Jan 2057$297,684
New conventional · ends Jan 2057$473,154