Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,188/mo
Lowest payment- Down payment
- $110,324
- Funds due
- $121,430
- Interest + MI left
- $186,158
- First ends
- May 2050
Assumption
Assumption + second
$2,735/mo
+$547/mo- Down payment
- $42,324
- Funds due
- $54,781
- Interest + MI left
- $315,130
- First ends
- May 2050
New loan
New conventional
$2,952/mo
+$764/mo- Down payment
- $42,324
- Funds due
- $51,476
- Interest + MI left
- $552,225
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $309,676 | $309,676 | $377,676 |
| Second mortgage | — | $68,000 | — |
| First P&I | $1,614.55 | $1,614.55 | $2,558.51 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | $255.00 | $255.00 | $75.54 |
| Taxes, insurance & HOA | $318.00 | $318.00 | $318.00 |
| Total housing payment | $2,187.55 | $2,734.70 | $2,952.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,324
Closing costs & prepaids$12,457
Usable credit−$0
Total buyer cash needed$54,781
Earnest money paid−$0
Remaining funds due$54,781
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)$177.66
Prepaid interest, second (6 days)$100.60
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 3.49%
Interest already paid$77,226Through Dec 2026
Assumption only · ends May 2050$186,158
Assumption + second · ends May 2050, second Jan 2057$315,130
New conventional · ends Jan 2057$552,225