Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,927/mo
Lowest payment- Down payment
- $151,576
- Funds due
- $162,724
- Interest + MI left
- $150,100
- First ends
- Jun 2050
Assumption
Assumption + second
$2,749/mo
+$822/mo- Down payment
- $39,576
- Funds due
- $52,023
- Interest + MI left
- $333,954
- First ends
- Jun 2050
New loan
New conventional
$2,971/mo
+$1,044/mo- Down payment
- $39,576
- Funds due
- $48,622
- Interest + MI left
- $531,371
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,424 | $238,424 | $350,424 |
| Second mortgage | — | $112,000 | — |
| First P&I | $1,257.68 | $1,257.68 | $2,426.26 |
| Second P&I | — | $821.82 | — |
| Mortgage insurance | $194.74 | $194.74 | $70.08 |
| Taxes, insurance & HOA | $475.00 | $475.00 | $475.00 |
| Total housing payment | $1,927.43 | $2,749.24 | $2,971.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,576
Closing costs & prepaids$12,447
Usable credit−$0
Total buyer cash needed$52,023
Earnest money paid−$0
Remaining funds due$52,023
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$975.00
Prepaid interest, first (2 days)$47.68
Prepaid interest, second (2 days)$49.10
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 7 moOf the original 30-year loan at 3.650%
Interest already paid$60,338Through Nov 2026
Assumption only · ends Jun 2050$150,100
Assumption + second · ends Jun 2050, second Dec 2056$333,954
New conventional · ends Dec 2056$531,371