Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,461/mo
Lowest payment- Down payment
- $158,859
- Funds due
- $171,289
- Interest + MI left
- $200,063
- First ends
- Jul 2050
Assumption
Assumption + second
$3,246/mo
+$785/mo- Down payment
- $51,859
- Funds due
- $65,680
- Interest + MI left
- $375,709
- First ends
- Jul 2050
New loan
New conventional
$3,603/mo
+$1,142/mo- Down payment
- $51,859
- Funds due
- $62,330
- Interest + MI left
- $677,189
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $356,141 | $356,141 | $463,141 |
| Second mortgage | — | $107,000 | — |
| First P&I | $1,794.07 | $1,794.07 | $3,137.48 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | $293.85 | $293.85 | $92.63 |
| Taxes, insurance & HOA | $372.67 | $372.67 | $372.67 |
| Total housing payment | $2,460.59 | $3,245.72 | $3,602.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,859
Closing costs & prepaids$13,821
Usable credit−$0
Total buyer cash needed$65,680
Earnest money paid−$0
Remaining funds due$65,680
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$618.00
Prepaid interest, first (6 days)$187.34
Prepaid interest, second (6 days)$140.71
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 3.2%
Interest already paid$79,439Through Dec 2026
Assumption only · ends Jul 2050$200,063
Assumption + second · ends Jul 2050, second Jan 2057$375,709
New conventional · ends Jan 2057$677,189