Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,845/mo
Lowest payment- Down payment
- $201,059
- Funds due
- $212,452
- Interest + MI left
- $160,138
- First ends
- Mar 2050
Assumption
Assumption + second
$2,982/mo
+$1,137/mo- Down payment
- $46,059
- Funds due
- $58,736
- Interest + MI left
- $414,578
- First ends
- Mar 2050
New loan
New conventional
$3,194/mo
+$1,349/mo- Down payment
- $46,059
- Funds due
- $55,249
- Interest + MI left
- $620,105
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $253,941 | $253,941 | $408,941 |
| Second mortgage | — | $155,000 | — |
| First P&I | $1,355.38 | $1,355.38 | $2,831.42 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | $208.58 | $208.58 | $81.79 |
| Taxes, insurance & HOA | $280.75 | $280.75 | $280.75 |
| Total housing payment | $1,844.71 | $2,982.05 | $3,193.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,059
Closing costs & prepaids$12,677
Usable credit−$0
Total buyer cash needed$58,736
Earnest money paid−$0
Remaining funds due$58,736
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,550.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$342.25
Prepaid interest, first (1 days)$25.74
Prepaid interest, second (1 days)$33.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.700%
Interest already paid$67,904Through Nov 2026
Assumption only · ends Mar 2050$160,138
Assumption + second · ends Mar 2050, second Dec 2056$414,578
New conventional · ends Dec 2056$620,105