Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,475/mo
Lowest payment- Down payment
- $177,815
- Funds due
- $188,340
- Interest + MI left
- $109,820
- First ends
- Mar 2050
Assumption
Assumption + second
$2,517/mo
+$1,042/mo- Down payment
- $35,815
- Funds due
- $47,621
- Interest + MI left
- $342,920
- First ends
- Mar 2050
New loan
New conventional
$2,649/mo
+$1,173/mo- Down payment
- $35,815
- Funds due
- $44,228
- Interest + MI left
- $476,268
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $172,085 | $172,085 | $314,085 |
| Second mortgage | — | $142,000 | — |
| First P&I | $923.10 | $923.10 | $2,174.66 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | $141.19 | $141.19 | $62.82 |
| Taxes, insurance & HOA | $411.17 | $411.17 | $411.17 |
| Total housing payment | $1,475.45 | $2,517.40 | $2,648.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,815
Closing costs & prepaids$11,806
Usable credit−$0
Total buyer cash needed$47,621
Earnest money paid−$0
Remaining funds due$47,621
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)$783.50
Prepaid interest, first (1 days)$17.68
Prepaid interest, second (1 days)$31.12
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 4 moOf the original 30-year loan at 3.750%
Interest already paid$46,610Through Nov 2026
Assumption only · ends Mar 2050$109,820
Assumption + second · ends Mar 2050, second Dec 2056$342,920
New conventional · ends Dec 2056$476,268