Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,186/mo
Lowest payment- Down payment
- $167,599
- Funds due
- $177,587
- Interest + MI left
- $78,735
- First ends
- Jun 2050
Assumption
Assumption + second
$2,191/mo
+$1,005/mo- Down payment
- $30,599
- Funds due
- $41,897
- Interest + MI left
- $303,628
- First ends
- Jun 2050
New loan
New conventional
$2,311/mo
+$1,125/mo- Down payment
- $30,599
- Funds due
- $38,564
- Interest + MI left
- $406,994
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $131,401 | $131,401 | $268,401 |
| Second mortgage | — | $137,000 | — |
| First P&I | $679.17 | $679.17 | $1,858.35 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | $107.80 | $107.80 | $53.68 |
| Taxes, insurance & HOA | $399.17 | $399.17 | $399.17 |
| Total housing payment | $1,186.14 | $2,191.40 | $2,311.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,599
Closing costs & prepaids$11,297
Usable credit−$0
Total buyer cash needed$41,897
Earnest money paid−$0
Remaining funds due$41,897
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$747.50
Prepaid interest, first (2 days)$24.84
Prepaid interest, second (2 days)$60.05
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 7 moOf the original 30-year loan at 3.450%
Interest already paid$31,505Through Nov 2026
Assumption only · ends Jun 2050$78,735
Assumption + second · ends Jun 2050, second Dec 2056$303,628
New conventional · ends Dec 2056$406,994