Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,930/mo
Lowest payment- Down payment
- $163,935
- Funds due
- $175,077
- Interest + MI left
- $161,933
- First ends
- Feb 2050
Assumption
Assumption + second
$2,818/mo
+$888/mo- Down payment
- $42,935
- Funds due
- $55,486
- Interest + MI left
- $360,560
- First ends
- Feb 2050
New loan
New conventional
$2,985/mo
+$1,055/mo- Down payment
- $42,935
- Funds due
- $52,142
- Interest + MI left
- $558,642
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $261,065 | $261,065 | $382,065 |
| Second mortgage | — | $121,000 | — |
| First P&I | $1,394.15 | $1,394.15 | $2,588.24 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | $215.61 | $215.61 | $76.41 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $1,929.76 | $2,817.62 | $2,984.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,935
Closing costs & prepaids$12,551
Usable credit−$0
Total buyer cash needed$55,486
Earnest money paid−$0
Remaining funds due$55,486
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Prepaid interest, first (6 days)$157.07
Prepaid interest, second (6 days)$159.12
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 2 moOf the original 30-year loan at 3.66%
Interest already paid$71,001Through Dec 2026
Assumption only · ends Feb 2050$161,933
Assumption + second · ends Feb 2050, second Jan 2057$360,560
New conventional · ends Jan 2057$558,642