Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,572/mo
Lowest payment- Down payment
- $169,249
- Funds due
- $179,959
- Interest + MI left
- $123,537
- First ends
- Aug 2050
Assumption
Assumption + second
$2,526/mo
+$954/mo- Down payment
- $39,249
- Funds due
- $51,465
- Interest + MI left
- $336,939
- First ends
- Aug 2050
New loan
New conventional
$2,715/mo
+$1,143/mo- Down payment
- $39,249
- Funds due
- $48,206
- Interest + MI left
- $505,476
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $215,751 | $215,751 | $345,751 |
| Second mortgage | — | $130,000 | — |
| First P&I | $1,091.05 | $1,091.05 | $2,342.24 |
| Second P&I | — | $953.89 | — |
| Mortgage insurance | $177.35 | $177.35 | $69.15 |
| Taxes, insurance & HOA | $304.00 | $304.00 | $304.00 |
| Total housing payment | $1,572.40 | $2,526.30 | $2,715.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,249
Closing costs & prepaids$12,217
Usable credit−$0
Total buyer cash needed$51,465
Earnest money paid−$0
Remaining funds due$51,465
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)$173.43
Prepaid interest, second (9 days)$256.44
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 3.26%
Interest already paid$48,290Through Dec 2026
Assumption only · ends Aug 2050$123,537
Assumption + second · ends Aug 2050, second Jan 2057$336,939
New conventional · ends Jan 2057$505,476