Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$966/mo
Lowest payment- Down payment
- $227,531
- Funds due
- $237,461
- Interest + MI left
- $75,052
- First ends
- Jan 2050
Assumption
Assumption + second
$2,375/mo
+$1,409/mo- Down payment
- $35,531
- Funds due
- $46,753
- Interest + MI left
- $390,230
- First ends
- Jan 2050
New loan
New conventional
$2,454/mo
+$1,488/mo- Down payment
- $35,531
- Funds due
- $43,357
- Interest + MI left
- $476,851
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $122,469 | $122,469 | $314,469 |
| Second mortgage | — | $192,000 | — |
| First P&I | $650.76 | $650.76 | $2,177.32 |
| Second P&I | — | $1,408.83 | — |
| Mortgage insurance | $101.26 | $101.26 | $62.89 |
| Taxes, insurance & HOA | $214.08 | $214.08 | $214.08 |
| Total housing payment | $966.10 | $2,374.93 | $2,454.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,531
Closing costs & prepaids$11,221
Usable credit−$0
Total buyer cash needed$46,753
Earnest money paid−$0
Remaining funds due$46,753
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$192.25
Prepaid interest, first (1 days)$12.11
Prepaid interest, second (1 days)$42.08
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 2 moOf the original 30-year loan at 3.610%
Interest already paid$32,873Through Nov 2026
Assumption only · ends Jan 2050$75,052
Assumption + second · ends Jan 2050, second Dec 2056$390,230
New conventional · ends Dec 2056$476,851