Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,133/mo
Lowest payment- Down payment
- $163,298
- Funds due
- $172,925
- Interest + MI left
- $90,902
- First ends
- Jul 2050
Assumption
Assumption + second
$2,095/mo
+$961/mo- Down payment
- $32,298
- Funds due
- $43,233
- Interest + MI left
- $305,946
- First ends
- Jul 2050
New loan
New conventional
$2,258/mo
+$1,124/mo- Down payment
- $32,298
- Funds due
- $39,891
- Interest + MI left
- $436,319
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $156,702 | $156,702 | $287,702 |
| Second mortgage | — | $131,000 | — |
| First P&I | $796.54 | $796.54 | $1,991.99 |
| Second P&I | — | $961.23 | — |
| Mortgage insurance | $128.67 | $128.67 | $57.54 |
| Taxes, insurance & HOA | $208.08 | $208.08 | $208.08 |
| Total housing payment | $1,133.29 | $2,094.52 | $2,257.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,298
Closing costs & prepaids$10,935
Usable credit−$0
Total buyer cash needed$43,233
Earnest money paid−$0
Remaining funds due$43,233
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$174.25
Prepaid interest, first (2 days)$28.42
Prepaid interest, second (2 days)$57.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.310%
Interest already paid$35,590Through Nov 2026
Assumption only · ends Jul 2050$90,902
Assumption + second · ends Jul 2050, second Dec 2056$305,946
New conventional · ends Dec 2056$436,319