Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,274/mo
Lowest payment- Down payment
- $47,450
- Funds due
- $56,369
- Interest + MI left
- $88,895
- First ends
- Jul 2050
Assumption
Assumption + second
$1,491/mo
+$217/mo- Down payment
- $20,450
- Funds due
- $30,632
- Interest + MI left
- $140,104
- First ends
- Jul 2050
New loan
New conventional
$1,651/mo
+$377/mo- Down payment
- $20,450
- Funds due
- $27,410
- Interest + MI left
- $272,112
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $152,450 | $152,450 | $179,450 |
| Second mortgage | — | $27,000 | — |
| First P&I | $776.53 | $776.53 | $1,242.48 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $125.12 | $125.12 | $35.89 |
| Taxes, insurance & HOA | $372.58 | $372.58 | $372.58 |
| Total housing payment | $1,274.23 | $1,491.48 | $1,650.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,450
Closing costs & prepaids$10,183
Usable credit−$0
Total buyer cash needed$30,632
Earnest money paid−$0
Remaining funds due$30,632
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,999.00
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)$667.75
Prepaid interest, first (2 days)$27.82
Prepaid interest, second (2 days)$13.32
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 3.330%
Interest already paid$34,826Through Nov 2026
Assumption only · ends Jul 2050$88,895
Assumption + second · ends Jul 2050, second Dec 2056$140,104
New conventional · ends Dec 2056$272,112