Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,190/mo
Lowest payment- Down payment
- $129,595
- Funds due
- $140,979
- Interest + MI left
- $180,283
- First ends
- Jul 2050
Assumption
Assumption + second
$2,874/mo
+$684/mo- Down payment
- $44,595
- Funds due
- $57,354
- Interest + MI left
- $341,498
- First ends
- Jul 2050
New loan
New conventional
$3,124/mo
+$934/mo- Down payment
- $44,595
- Funds due
- $54,037
- Interest + MI left
- $586,189
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $315,905 | $315,905 | $400,905 |
| Second mortgage | — | $85,000 | — |
| First P&I | $1,601.27 | $1,601.27 | $2,715.87 |
| Second P&I | — | $683.93 | — |
| Mortgage insurance | $260.29 | $260.29 | $80.18 |
| Taxes, insurance & HOA | $328.17 | $328.17 | $328.17 |
| Total housing payment | $2,189.73 | $2,873.66 | $3,124.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,595
Closing costs & prepaids$12,760
Usable credit−$0
Total buyer cash needed$57,354
Earnest money paid−$0
Remaining funds due$57,354
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,455.00
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)$534.50
Prepaid interest, first (6 days)$169.29
Prepaid interest, second (6 days)$125.75
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 3.26%
Interest already paid$71,733Through Dec 2026
Assumption only · ends Jul 2050$180,283
Assumption + second · ends Jul 2050, second Jan 2057$341,498
New conventional · ends Jan 2057$586,189