Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,313/mo
Lowest payment- Down payment
- $215,791
- Funds due
- $226,460
- Interest + MI left
- $100,449
- First ends
- Jun 2050
Assumption
Assumption + second
$2,612/mo
+$1,299/mo- Down payment
- $38,791
- Funds due
- $51,059
- Interest + MI left
- $391,004
- First ends
- Jun 2050
New loan
New conventional
$2,711/mo
+$1,398/mo- Down payment
- $38,791
- Funds due
- $47,740
- Interest + MI left
- $504,753
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $168,209 | $168,209 | $345,209 |
| Second mortgage | — | $177,000 | — |
| First P&I | $871.42 | $871.42 | $2,338.57 |
| Second P&I | — | $1,298.76 | — |
| Mortgage insurance | $138.32 | $138.32 | $69.04 |
| Taxes, insurance & HOA | $303.58 | $303.58 | $303.58 |
| Total housing payment | $1,313.32 | $2,612.08 | $2,711.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,791
Closing costs & prepaids$12,268
Usable credit−$0
Total buyer cash needed$51,059
Earnest money paid−$0
Remaining funds due$51,059
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,840.00
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)$460.75
Prepaid interest, first (9 days)$143.09
Prepaid interest, second (9 days)$349.15
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6 moOf the original 30-year loan at 3.45%
Interest already paid$40,907Through Dec 2026
Assumption only · ends Jun 2050$100,449
Assumption + second · ends Jun 2050, second Jan 2057$391,004
New conventional · ends Jan 2057$504,753