Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,310/mo
Lowest payment- Down payment
- $126,396
- Funds due
- $136,087
- Interest + MI left
- $94,132
- First ends
- Jan 2050
Assumption
Assumption + second
$2,099/mo
+$789/mo- Down payment
- $28,396
- Funds due
- $39,361
- Interest + MI left
- $280,003
- First ends
- Jan 2050
New loan
New conventional
$2,159/mo
+$849/mo- Down payment
- $28,396
- Funds due
- $36,039
- Interest + MI left
- $381,524
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $153,604 | $153,604 | $251,604 |
| Second mortgage | — | $98,000 | — |
| First P&I | $816.20 | $816.20 | $1,742.06 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | $127.01 | $127.01 | $50.32 |
| Taxes, insurance & HOA | $366.83 | $366.83 | $366.83 |
| Total housing payment | $1,310.03 | $2,098.57 | $2,159.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,396
Closing costs & prepaids$10,965
Usable credit−$0
Total buyer cash needed$39,361
Earnest money paid−$0
Remaining funds due$39,361
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$650.50
Prepaid interest, first (1 days)$15.19
Prepaid interest, second (1 days)$24.16
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$41,230Through Nov 2026
Assumption only · ends Jan 2050$94,132
Assumption + second · ends Jan 2050, second Dec 2056$280,003
New conventional · ends Dec 2056$381,524