Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,211/mo
Lowest payment- Down payment
- $131,354
- Funds due
- $142,684
- Interest + MI left
- $181,309
- First ends
- Jul 2050
Assumption
Assumption + second
$2,903/mo
+$692/mo- Down payment
- $45,354
- Funds due
- $57,955
- Interest + MI left
- $344,420
- First ends
- Jul 2050
New loan
New conventional
$3,217/mo
+$1,007/mo- Down payment
- $45,354
- Funds due
- $54,484
- Interest + MI left
- $610,559
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $316,646 | $316,646 | $402,646 |
| Second mortgage | — | $86,000 | — |
| First P&I | $1,601.27 | $1,601.27 | $2,787.84 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | $260.29 | $260.29 | $80.53 |
| Taxes, insurance & HOA | $349.00 | $349.00 | $349.00 |
| Total housing payment | $2,210.56 | $2,902.54 | $3,217.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,354
Closing costs & prepaids$12,601
Usable credit−$0
Total buyer cash needed$57,955
Earnest money paid−$0
Remaining funds due$57,955
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,480.00
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)$597.00
Prepaid interest, first (1 days)$28.28
Prepaid interest, second (1 days)$21.21
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 8 moOf the original 30-year loan at 3.260%
Interest already paid$70,873Through Nov 2026
Assumption only · ends Jul 2050$181,309
Assumption + second · ends Jul 2050, second Dec 2056$344,420
New conventional · ends Dec 2056$610,559