Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,886/mo
Lowest payment- Down payment
- $175,632
- Funds due
- $186,892
- Interest + MI left
- $159,224
- First ends
- Mar 2050
Assumption
Assumption + second
$2,854/mo
+$969/mo- Down payment
- $43,632
- Funds due
- $56,403
- Interest + MI left
- $375,909
- First ends
- Mar 2050
New loan
New conventional
$3,009/mo
+$1,124/mo- Down payment
- $43,632
- Funds due
- $53,108
- Interest + MI left
- $563,395
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $253,368 | $253,368 | $385,368 |
| Second mortgage | — | $132,000 | — |
| First P&I | $1,355.38 | $1,355.38 | $2,610.62 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | $208.58 | $208.58 | $77.07 |
| Taxes, insurance & HOA | $321.58 | $321.58 | $321.58 |
| Total housing payment | $1,885.55 | $2,854.11 | $3,009.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,632
Closing costs & prepaids$12,771
Usable credit−$0
Total buyer cash needed$56,403
Earnest money paid−$0
Remaining funds due$56,403
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,290.00
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)$514.75
Prepaid interest, first (9 days)$231.16
Prepaid interest, second (9 days)$260.38
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 3 moOf the original 30-year loan at 3.7%
Interest already paid$68,687Through Dec 2026
Assumption only · ends Mar 2050$159,224
Assumption + second · ends Mar 2050, second Jan 2057$375,909
New conventional · ends Jan 2057$563,395