Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,157/mo
Lowest payment- Down payment
- $115,554
- Funds due
- $124,923
- Interest + MI left
- $85,896
- First ends
- Aug 2050
Assumption
Assumption + second
$1,866/mo
+$708/mo- Down payment
- $27,554
- Funds due
- $38,368
- Interest + MI left
- $252,801
- First ends
- Aug 2050
New loan
New conventional
$1,949/mo
+$791/mo- Down payment
- $27,554
- Funds due
- $35,157
- Interest + MI left
- $354,448
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $154,446 | $154,446 | $242,446 |
| Second mortgage | — | $88,000 | — |
| First P&I | $772.17 | $772.17 | $1,642.41 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | $127.28 | $127.28 | $48.49 |
| Taxes, insurance & HOA | $258.00 | $258.00 | $258.00 |
| Total housing payment | $1,157.45 | $1,865.52 | $1,948.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,554
Closing costs & prepaids$10,814
Usable credit−$0
Total buyer cash needed$38,368
Earnest money paid−$0
Remaining funds due$38,368
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$324.00
Prepaid interest, first (9 days)$119.96
Prepaid interest, second (9 days)$195.29
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 8 moOf the original 30-year loan at 3.15%
Interest already paid$33,446Through Dec 2026
Assumption only · ends Aug 2050$85,896
Assumption + second · ends Aug 2050, second Jan 2057$252,801
New conventional · ends Jan 2057$354,448