Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,611/mo
Lowest payment- Down payment
- $158,017
- Funds due
- $170,741
- Interest + MI left
- $201,200
- First ends
- Jul 2050
Assumption
Assumption + second
$3,388/mo
+$778/mo- Down payment
- $52,017
- Funds due
- $66,014
- Interest + MI left
- $375,205
- First ends
- Jul 2050
New loan
New conventional
$3,821/mo
+$1,210/mo- Down payment
- $52,017
- Funds due
- $62,484
- Interest + MI left
- $702,052
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $356,983 | $356,983 | $462,983 |
| Second mortgage | — | $106,000 | — |
| First P&I | $1,794.07 | $1,794.07 | $3,205.60 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | $293.85 | $293.85 | $92.60 |
| Taxes, insurance & HOA | $522.75 | $522.75 | $522.75 |
| Total housing payment | $2,610.67 | $3,388.46 | $3,820.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,017
Closing costs & prepaids$13,998
Usable credit−$0
Total buyer cash needed$66,014
Earnest money paid−$0
Remaining funds due$66,014
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,068.25
Prepaid interest, first (1 days)$31.30
Prepaid interest, second (1 days)$23.23
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 3.200%
Interest already paid$78,487Through Nov 2026
Assumption only · ends Jul 2050$201,200
Assumption + second · ends Jul 2050, second Dec 2056$375,205
New conventional · ends Dec 2056$702,052