Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,575/mo
Lowest payment- Down payment
- $138,582
- Funds due
- $148,914
- Interest + MI left
- $130,974
- First ends
- Jun 2050
Assumption
Assumption + second
$2,331/mo
+$756/mo- Down payment
- $35,582
- Funds due
- $47,367
- Interest + MI left
- $300,054
- First ends
- Jun 2050
New loan
New conventional
$2,482/mo
+$907/mo- Down payment
- $35,582
- Funds due
- $44,127
- Interest + MI left
- $459,522
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,318 | $211,318 | $314,318 |
| Second mortgage | — | $103,000 | — |
| First P&I | $1,111.56 | $1,111.56 | $2,129.30 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | $173.18 | $173.18 | $62.86 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $1,574.74 | $2,330.52 | $2,482.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,582
Closing costs & prepaids$11,785
Usable credit−$0
Total buyer cash needed$47,367
Earnest money paid−$0
Remaining funds due$47,367
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$420.00
Prepaid interest, first (9 days)$187.58
Prepaid interest, second (9 days)$203.18
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 3.6%
Interest already paid$53,530Through Dec 2026
Assumption only · ends Jun 2050$130,974
Assumption + second · ends Jun 2050, second Jan 2057$300,054
New conventional · ends Jan 2057$459,522