Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,464/mo
Lowest payment- Down payment
- $173,463
- Funds due
- $184,011
- Interest + MI left
- $104,361
- First ends
- Aug 2050
Assumption
Assumption + second
$2,470/mo
+$1,005/mo- Down payment
- $36,463
- Funds due
- $48,321
- Interest + MI left
- $329,254
- First ends
- Aug 2050
New loan
New conventional
$2,681/mo
+$1,217/mo- Down payment
- $36,463
- Funds due
- $44,945
- Interest + MI left
- $489,085
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $185,537 | $185,537 | $322,537 |
| Second mortgage | — | $137,000 | — |
| First P&I | $928.32 | $928.32 | $2,233.18 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | $152.43 | $152.43 | $64.51 |
| Taxes, insurance & HOA | $383.67 | $383.67 | $383.67 |
| Total housing payment | $1,464.42 | $2,469.68 | $2,681.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,463
Closing costs & prepaids$11,858
Usable credit−$0
Total buyer cash needed$48,321
Earnest money paid−$0
Remaining funds due$48,321
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,590.00
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)$701.00
Prepaid interest, first (2 days)$32.33
Prepaid interest, second (2 days)$60.05
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 9 moOf the original 30-year loan at 3.180%
Interest already paid$39,960Through Nov 2026
Assumption only · ends Aug 2050$104,361
Assumption + second · ends Aug 2050, second Dec 2056$329,254
New conventional · ends Dec 2056$489,085