Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,547/mo
Lowest payment- Down payment
- $158,825
- Funds due
- $169,359
- Interest + MI left
- $118,043
- First ends
- Sep 2050
Assumption
Assumption + second
$2,435/mo
+$888/mo- Down payment
- $37,825
- Funds due
- $49,768
- Interest + MI left
- $316,670
- First ends
- Sep 2050
New loan
New conventional
$2,652/mo
+$1,104/mo- Down payment
- $37,825
- Funds due
- $46,470
- Interest + MI left
- $493,006
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $216,175 | $216,175 | $337,175 |
| Second mortgage | — | $121,000 | — |
| First P&I | $1,069.27 | $1,069.27 | $2,284.14 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | $178.05 | $178.05 | $67.44 |
| Taxes, insurance & HOA | $300.00 | $300.00 | $300.00 |
| Total housing payment | $1,547.32 | $2,435.17 | $2,651.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,825
Closing costs & prepaids$11,943
Usable credit−$0
Total buyer cash needed$49,768
Earnest money paid−$0
Remaining funds due$49,768
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$450.00
Prepaid interest, first (6 days)$109.09
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 9 moOf the original 30-year loan at 3.07%
Interest already paid$45,007Through Dec 2026
Assumption only · ends Sep 2050$118,043
Assumption + second · ends Sep 2050, second Jan 2057$316,670
New conventional · ends Jan 2057$493,006