Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,189/mo
Lowest payment- Down payment
- $207,306
- Funds due
- $219,560
- Interest + MI left
- $184,784
- First ends
- Jan 2050
Assumption
Assumption + second
$3,341/mo
+$1,152/mo- Down payment
- $50,306
- Funds due
- $64,017
- Interest + MI left
- $442,508
- First ends
- Jan 2050
New loan
New conventional
$3,502/mo
+$1,314/mo- Down payment
- $50,306
- Funds due
- $60,608
- Interest + MI left
- $657,381
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $292,594 | $292,594 | $449,594 |
| Second mortgage | — | $157,000 | — |
| First P&I | $1,580.17 | $1,580.17 | $3,045.71 |
| Second P&I | — | $1,152.01 | — |
| Mortgage insurance | $241.69 | $241.69 | $89.92 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $2,188.53 | $3,340.54 | $3,502.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,306
Closing costs & prepaids$13,711
Usable credit−$0
Total buyer cash needed$64,017
Earnest money paid−$0
Remaining funds due$64,017
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
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)$600.00
Prepaid interest, first (6 days)$180.37
Prepaid interest, second (6 days)$206.47
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 1 moOf the original 30-year loan at 3.75%
Interest already paid$82,544Through Dec 2026
Assumption only · ends Jan 2050$184,784
Assumption + second · ends Jan 2050, second Jan 2057$442,508
New conventional · ends Jan 2057$657,381