Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,517/mo
Lowest payment- Down payment
- $122,829
- Funds due
- $132,921
- Interest + MI left
- $112,588
- First ends
- Apr 2050
Assumption
Assumption + second
$2,258/mo
+$740/mo- Down payment
- $30,829
- Funds due
- $42,217
- Interest + MI left
- $287,079
- First ends
- Apr 2050
New loan
New conventional
$2,344/mo
+$827/mo- Down payment
- $30,829
- Funds due
- $38,886
- Interest + MI left
- $407,957
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $177,071 | $177,071 | $269,071 |
| Second mortgage | — | $92,000 | — |
| First P&I | $944.88 | $944.88 | $1,862.99 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | $145.05 | $145.05 | $53.81 |
| Taxes, insurance & HOA | $427.50 | $427.50 | $427.50 |
| Total housing payment | $1,517.43 | $2,257.68 | $2,344.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,829
Closing costs & prepaids$11,388
Usable credit−$0
Total buyer cash needed$42,217
Earnest money paid−$0
Remaining funds due$42,217
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$832.50
Prepaid interest, first (2 days)$36.09
Prepaid interest, second (2 days)$45.37
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 5 moOf the original 30-year loan at 3.720%
Interest already paid$46,938Through Nov 2026
Assumption only · ends Apr 2050$112,588
Assumption + second · ends Apr 2050, second Dec 2056$287,079
New conventional · ends Dec 2056$407,957