Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,903/mo
Lowest payment- Down payment
- $162,809
- Funds due
- $174,178
- Interest + MI left
- $134,483
- First ends
- Aug 2050
Assumption
Assumption + second
$2,798/mo
+$895/mo- Down payment
- $40,809
- Funds due
- $53,481
- Interest + MI left
- $334,752
- First ends
- Aug 2050
New loan
New conventional
$3,076/mo
+$1,174/mo- Down payment
- $40,809
- Funds due
- $50,074
- Interest + MI left
- $544,665
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $237,191 | $237,191 | $359,191 |
| Second mortgage | — | $122,000 | — |
| First P&I | $1,190.48 | $1,190.48 | $2,486.97 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | $194.74 | $194.74 | $71.84 |
| Taxes, insurance & HOA | $517.42 | $517.42 | $517.42 |
| Total housing payment | $1,902.63 | $2,797.83 | $3,076.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,809
Closing costs & prepaids$12,672
Usable credit−$0
Total buyer cash needed$53,481
Earnest money paid−$0
Remaining funds due$53,481
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$1,102.25
Prepaid interest, first (2 days)$41.72
Prepaid interest, second (2 days)$53.48
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 3.210%
Interest already paid$51,549Through Nov 2026
Assumption only · ends Aug 2050$134,483
Assumption + second · ends Aug 2050, second Dec 2056$334,752
New conventional · ends Dec 2056$544,665