Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,864/mo
Lowest payment- Down payment
- $144,926
- Funds due
- $155,880
- Interest + MI left
- $139,995
- First ends
- Jul 2050
Assumption
Assumption + second
$2,634/mo
+$770/mo- Down payment
- $39,926
- Funds due
- $52,153
- Interest + MI left
- $312,358
- First ends
- Jul 2050
New loan
New conventional
$2,943/mo
+$1,080/mo- Down payment
- $39,926
- Funds due
- $48,731
- Interest + MI left
- $543,043
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $253,074 | $253,074 | $358,074 |
| Second mortgage | — | $105,000 | — |
| First P&I | $1,262.65 | $1,262.65 | $2,479.23 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | $208.65 | $208.65 | $71.61 |
| Taxes, insurance & HOA | $392.33 | $392.33 | $392.33 |
| Total housing payment | $1,863.63 | $2,634.08 | $2,943.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,926
Closing costs & prepaids$12,227
Usable credit−$0
Total buyer cash needed$52,153
Earnest money paid−$0
Remaining funds due$52,153
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,980.00
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)$727.00
Prepaid interest, first (1 days)$21.70
Prepaid interest, second (1 days)$23.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 8 moOf the original 30-year loan at 3.130%
Interest already paid$54,470Through Nov 2026
Assumption only · ends Jul 2050$139,995
Assumption + second · ends Jul 2050, second Dec 2056$312,358
New conventional · ends Dec 2056$543,043