Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,622/mo
Lowest payment- Down payment
- $170,169
- Funds due
- $180,899
- Interest + MI left
- $133,855
- First ends
- Apr 2050
Assumption
Assumption + second
$2,583/mo
+$961/mo- Down payment
- $39,169
- Funds due
- $51,408
- Interest + MI left
- $348,899
- First ends
- Apr 2050
New loan
New conventional
$2,716/mo
+$1,094/mo- Down payment
- $39,169
- Funds due
- $48,127
- Interest + MI left
- $505,593
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $214,831 | $214,831 | $345,831 |
| Second mortgage | — | $131,000 | — |
| First P&I | $1,140.90 | $1,140.90 | $2,342.78 |
| Second P&I | — | $961.23 | — |
| Mortgage insurance | $176.66 | $176.66 | $69.17 |
| Taxes, insurance & HOA | $304.00 | $304.00 | $304.00 |
| Total housing payment | $1,621.56 | $2,582.79 | $2,715.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,169
Closing costs & prepaids$12,239
Usable credit−$0
Total buyer cash needed$51,408
Earnest money paid−$0
Remaining funds due$51,408
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$462.00
Prepaid interest, first (9 days)$193.35
Prepaid interest, second (9 days)$258.41
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 4 moOf the original 30-year loan at 3.65%
Interest already paid$56,704Through Dec 2026
Assumption only · ends Apr 2050$133,855
Assumption + second · ends Apr 2050, second Jan 2057$348,899
New conventional · ends Jan 2057$505,593