Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,567/mo
Lowest payment- Down payment
- $84,122
- Funds due
- $93,891
- Interest + MI left
- $129,505
- First ends
- Jun 2050
Assumption
Assumption + second
$2,002/mo
+$434/mo- Down payment
- $30,122
- Funds due
- $41,260
- Interest + MI left
- $231,924
- First ends
- Jun 2050
New loan
New conventional
$2,152/mo
+$584/mo- Down payment
- $30,122
- Funds due
- $38,082
- Interest + MI left
- $394,460
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $215,778 | $215,778 | $269,778 |
| Second mortgage | — | $54,000 | — |
| First P&I | $1,120.13 | $1,120.13 | $1,827.57 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | $177.35 | $177.35 | $53.96 |
| Taxes, insurance & HOA | $270.00 | $270.00 | $270.00 |
| Total housing payment | $1,567.49 | $2,001.98 | $2,151.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,122
Closing costs & prepaids$11,138
Usable credit−$0
Total buyer cash needed$41,260
Earnest money paid−$0
Remaining funds due$41,260
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$360.00
Prepaid interest, first (9 days)$184.62
Prepaid interest, second (9 days)$119.84
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 3.47%
Interest already paid$52,767Through Dec 2026
Assumption only · ends Jun 2050$129,505
Assumption + second · ends Jun 2050, second Jan 2057$231,924
New conventional · ends Jan 2057$394,460