Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,610/mo
Lowest payment- Down payment
- $153,906
- Funds due
- $164,545
- Interest + MI left
- $109,321
- First ends
- Feb 2050
Assumption
Assumption + second
$2,476/mo
+$866/mo- Down payment
- $35,906
- Funds due
- $47,821
- Interest + MI left
- $303,024
- First ends
- Feb 2050
New loan
New conventional
$2,686/mo
+$1,076/mo- Down payment
- $35,906
- Funds due
- $44,432
- Interest + MI left
- $476,219
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,094 | $196,094 | $314,094 |
| Second mortgage | — | $118,000 | — |
| First P&I | $1,001.41 | $1,001.41 | $2,174.72 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | $159.92 | $159.92 | $62.82 |
| Taxes, insurance & HOA | $448.92 | $448.92 | $448.92 |
| Total housing payment | $1,610.24 | $2,476.08 | $2,686.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,906
Closing costs & prepaids$11,915
Usable credit−$0
Total buyer cash needed$47,821
Earnest money paid−$0
Remaining funds due$47,821
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$896.75
Prepaid interest, first (1 days)$17.41
Prepaid interest, second (1 days)$25.86
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 29-year loan at 3.240%
Interest already paid$39,422Through Nov 2026
Assumption only · ends Feb 2050$109,321
Assumption + second · ends Feb 2050, second Dec 2056$303,024
New conventional · ends Dec 2056$476,219