Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,407/mo
Lowest payment- Down payment
- $152,205
- Funds due
- $162,324
- Interest + MI left
- $104,769
- First ends
- Jan 2050
Assumption
Assumption + second
$2,287/mo
+$881/mo- Down payment
- $32,205
- Funds due
- $43,626
- Interest + MI left
- $301,755
- First ends
- Jan 2050
New loan
New conventional
$2,420/mo
+$1,013/mo- Down payment
- $32,205
- Funds due
- $40,285
- Interest + MI left
- $436,309
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,695 | $167,695 | $287,695 |
| Second mortgage | — | $120,000 | — |
| First P&I | $898.22 | $898.22 | $1,991.94 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | $138.40 | $138.40 | $57.54 |
| Taxes, insurance & HOA | $370.33 | $370.33 | $370.33 |
| Total housing payment | $1,406.95 | $2,287.47 | $2,419.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,205
Closing costs & prepaids$11,422
Usable credit−$0
Total buyer cash needed$43,626
Earnest money paid−$0
Remaining funds due$43,626
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$661.00
Prepaid interest, first (2 days)$33.91
Prepaid interest, second (2 days)$52.60
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 2 moOf the original 30-year loan at 3.690%
Interest already paid$45,964Through Nov 2026
Assumption only · ends Jan 2050$104,769
Assumption + second · ends Jan 2050, second Dec 2056$301,755
New conventional · ends Dec 2056$436,309