Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,768/mo
Lowest payment- Down payment
- $108,055
- Funds due
- $118,457
- Interest + MI left
- $132,556
- First ends
- Feb 2050
Assumption
Assumption + second
$2,379/mo
+$612/mo- Down payment
- $32,055
- Funds due
- $43,744
- Interest + MI left
- $276,701
- First ends
- Feb 2050
New loan
New conventional
$2,513/mo
+$745/mo- Down payment
- $32,055
- Funds due
- $40,410
- Interest + MI left
- $436,688
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,945 | $211,945 | $287,945 |
| Second mortgage | — | $76,000 | — |
| First P&I | $1,131.53 | $1,131.53 | $1,993.67 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | $174.56 | $174.56 | $57.59 |
| Taxes, insurance & HOA | $461.42 | $461.42 | $461.42 |
| Total housing payment | $1,767.50 | $2,379.02 | $2,512.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,055
Closing costs & prepaids$11,689
Usable credit−$0
Total buyer cash needed$43,744
Earnest money paid−$0
Remaining funds due$43,744
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$934.25
Prepaid interest, first (2 days)$42.74
Prepaid interest, second (2 days)$37.48
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 3 moOf the original 30-year loan at 3.680%
Interest already paid$57,161Through Nov 2026
Assumption only · ends Feb 2050$132,556
Assumption + second · ends Feb 2050, second Dec 2056$276,701
New conventional · ends Dec 2056$436,688