Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,757/mo
Lowest payment- Down payment
- $148,608
- Funds due
- $159,647
- Interest + MI left
- $114,269
- First ends
- May 2050
Assumption
Assumption + second
$2,594/mo
+$836/mo- Down payment
- $34,608
- Funds due
- $46,947
- Interest + MI left
- $301,406
- First ends
- May 2050
New loan
New conventional
$2,781/mo
+$1,024/mo- Down payment
- $34,608
- Funds due
- $43,588
- Interest + MI left
- $461,570
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $190,392 | $190,392 | $304,392 |
| Second mortgage | — | $114,000 | — |
| First P&I | $988.35 | $988.35 | $2,107.55 |
| Second P&I | — | $836.49 | — |
| Mortgage insurance | $156.49 | $156.49 | $60.88 |
| Taxes, insurance & HOA | $612.58 | $612.58 | $612.58 |
| Total housing payment | $1,757.42 | $2,593.91 | $2,781.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,608
Closing costs & prepaids$12,339
Usable credit−$0
Total buyer cash needed$46,947
Earnest money paid−$0
Remaining funds due$46,947
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,390.00
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)$1,387.75
Prepaid interest, first (2 days)$36.20
Prepaid interest, second (2 days)$49.97
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 6 moOf the original 30-year loan at 3.470%
Interest already paid$46,559Through Nov 2026
Assumption only · ends May 2050$114,269
Assumption + second · ends May 2050, second Dec 2056$301,406
New conventional · ends Dec 2056$461,570