Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,773/mo
Lowest payment- Down payment
- $134,753
- Funds due
- $145,321
- Interest + MI left
- $144,917
- First ends
- Aug 2050
Assumption
Assumption + second
$2,538/mo
+$764/mo- Down payment
- $39,753
- Funds due
- $51,618
- Interest + MI left
- $325,098
- First ends
- Aug 2050
New loan
New conventional
$2,774/mo
+$1,001/mo- Down payment
- $39,753
- Funds due
- $48,220
- Interest + MI left
- $529,587
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,247 | $254,247 | $349,247 |
| Second mortgage | — | $95,000 | — |
| First P&I | $1,278.74 | $1,278.74 | $2,418.12 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | $208.65 | $208.65 | $69.85 |
| Taxes, insurance & HOA | $286.08 | $286.08 | $286.08 |
| Total housing payment | $1,773.47 | $2,537.86 | $2,774.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,753
Closing costs & prepaids$11,865
Usable credit−$0
Total buyer cash needed$51,618
Earnest money paid−$0
Remaining funds due$51,618
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$408.25
Prepaid interest, first (2 days)$45.00
Prepaid interest, second (2 days)$46.85
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.230%
Interest already paid$55,587Through Nov 2026
Assumption only · ends Aug 2050$144,917
Assumption + second · ends Aug 2050, second Dec 2056$325,098
New conventional · ends Dec 2056$529,587