Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,836/mo
Lowest payment- Down payment
- $130,578
- Funds due
- $141,338
- Interest + MI left
- $136,183
- First ends
- Feb 2050
Assumption
Assumption + second
$2,601/mo
+$764/mo- Down payment
- $35,578
- Funds due
- $47,611
- Interest + MI left
- $316,364
- First ends
- Feb 2050
New loan
New conventional
$2,727/mo
+$891/mo- Down payment
- $35,578
- Funds due
- $44,224
- Interest + MI left
- $476,628
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,322 | $219,322 | $314,322 |
| Second mortgage | — | $95,000 | — |
| First P&I | $1,167.40 | $1,167.40 | $2,176.30 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | $180.76 | $180.76 | $62.86 |
| Taxes, insurance & HOA | $488.00 | $488.00 | $488.00 |
| Total housing payment | $1,836.16 | $2,600.55 | $2,727.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,578
Closing costs & prepaids$12,033
Usable credit−$0
Total buyer cash needed$47,611
Earnest money paid−$0
Remaining funds due$47,611
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$1,014.00
Prepaid interest, first (1 days)$21.93
Prepaid interest, second (1 days)$23.42
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 3 moOf the original 30-year loan at 3.650%
Interest already paid$58,690Through Nov 2026
Assumption only · ends Feb 2050$136,183
Assumption + second · ends Feb 2050, second Dec 2056$316,364
New conventional · ends Dec 2056$476,628