Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,387/mo
Lowest payment- Down payment
- $206,264
- Funds due
- $217,214
- Interest + MI left
- $82,415
- First ends
- Oct 2050
Assumption
Assumption + second
$2,642/mo
+$1,255/mo- Down payment
- $35,264
- Funds due
- $47,539
- Interest + MI left
- $363,120
- First ends
- Oct 2050
New loan
New conventional
$2,792/mo
+$1,405/mo- Down payment
- $35,264
- Funds due
- $44,164
- Interest + MI left
- $477,167
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $143,636 | $143,636 | $314,636 |
| Second mortgage | — | $171,000 | — |
| First P&I | $719.07 | $719.07 | $2,178.48 |
| Second P&I | — | $1,254.74 | — |
| Mortgage insurance | $117.33 | $117.33 | $62.93 |
| Taxes, insurance & HOA | $550.50 | $550.50 | $550.50 |
| Total housing payment | $1,386.90 | $2,641.64 | $2,791.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,264
Closing costs & prepaids$12,276
Usable credit−$0
Total buyer cash needed$47,539
Earnest money paid−$0
Remaining funds due$47,539
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)$1,201.50
Prepaid interest, first (2 days)$25.42
Prepaid interest, second (2 days)$74.96
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 11 moOf the original 30-year loan at 3.230%
Interest already paid$30,486Through Nov 2026
Assumption only · ends Oct 2050$82,415
Assumption + second · ends Oct 2050, second Dec 2056$363,120
New conventional · ends Dec 2056$477,167