Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,405/mo
Lowest payment- Down payment
- $231,575
- Funds due
- $242,483
- Interest + MI left
- $106,068
- First ends
- Apr 2050
Assumption
Assumption + second
$2,807/mo
+$1,401/mo- Down payment
- $40,575
- Funds due
- $52,775
- Interest + MI left
- $419,605
- First ends
- Apr 2050
New loan
New conventional
$2,932/mo
+$1,527/mo- Down payment
- $40,575
- Funds due
- $49,333
- Interest + MI left
- $545,020
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $168,425 | $168,425 | $359,425 |
| Second mortgage | — | $191,000 | — |
| First P&I | $895.13 | $895.13 | $2,488.59 |
| Second P&I | — | $1,401.49 | — |
| Mortgage insurance | $138.09 | $138.09 | $71.89 |
| Taxes, insurance & HOA | $371.92 | $371.92 | $371.92 |
| Total housing payment | $1,405.14 | $2,806.63 | $2,932.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,575
Closing costs & prepaids$12,200
Usable credit−$0
Total buyer cash needed$52,775
Earnest money paid−$0
Remaining funds due$52,775
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$665.75
Prepaid interest, first (1 days)$16.98
Prepaid interest, second (1 days)$41.86
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 5 moOf the original 30-year loan at 3.680%
Interest already paid$44,187Through Nov 2026
Assumption only · ends Apr 2050$106,068
Assumption + second · ends Apr 2050, second Dec 2056$419,605
New conventional · ends Dec 2056$545,020