Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,049/mo
Lowest payment- Down payment
- $70,523
- Funds due
- $79,190
- Interest + MI left
- $75,476
- First ends
- Jul 2050
Assumption
Assumption + second
$1,459/mo
+$410/mo- Down payment
- $19,523
- Funds due
- $29,465
- Interest + MI left
- $172,205
- First ends
- Jul 2050
New loan
New conventional
$1,537/mo
+$488/mo- Down payment
- $19,523
- Funds due
- $26,240
- Interest + MI left
- $258,472
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $119,477 | $119,477 | $170,477 |
| Second mortgage | — | $51,000 | — |
| First P&I | $628.84 | $628.84 | $1,180.35 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | $97.37 | $97.37 | $34.10 |
| Taxes, insurance & HOA | $322.83 | $322.83 | $322.83 |
| Total housing payment | $1,049.05 | $1,459.40 | $1,537.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,523
Closing costs & prepaids$9,943
Usable credit−$0
Total buyer cash needed$29,465
Earnest money paid−$0
Remaining funds due$29,465
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,900.00
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)$518.50
Prepaid interest, first (2 days)$23.90
Prepaid interest, second (2 days)$25.15
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 8 moOf the original 30-year loan at 3.650%
Interest already paid$29,805Through Nov 2026
Assumption only · ends Jul 2050$75,476
Assumption + second · ends Jul 2050, second Dec 2056$172,205
New conventional · ends Dec 2056$258,472