Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,811/mo
Lowest payment- Down payment
- $103,356
- Funds due
- $113,877
- Interest + MI left
- $127,427
- First ends
- Dec 2049
Assumption
Assumption + second
$2,390/mo
+$579/mo- Down payment
- $31,356
- Funds due
- $43,162
- Interest + MI left
- $263,985
- First ends
- Dec 2049
New loan
New conventional
$2,520/mo
+$709/mo- Down payment
- $31,356
- Funds due
- $39,835
- Interest + MI left
- $422,527
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,644 | $206,644 | $278,644 |
| Second mortgage | — | $72,000 | — |
| First P&I | $1,104.97 | $1,104.97 | $1,929.27 |
| Second P&I | — | $579.33 | — |
| Mortgage insurance | $171.09 | $171.09 | $55.73 |
| Taxes, insurance & HOA | $534.92 | $534.92 | $534.92 |
| Total housing payment | $1,810.98 | $2,390.30 | $2,519.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,356
Closing costs & prepaids$11,807
Usable credit−$0
Total buyer cash needed$43,162
Earnest money paid−$0
Remaining funds due$43,162
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$1,154.75
Prepaid interest, first (2 days)$41.33
Prepaid interest, second (2 days)$35.51
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 1 moOf the original 30-year loan at 3.650%
Interest already paid$56,812Through Nov 2026
Assumption only · ends Dec 2049$127,427
Assumption + second · ends Dec 2049, second Dec 2056$263,985
New conventional · ends Dec 2056$422,527