Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,080/mo
Lowest payment- Down payment
- $112,162
- Funds due
- $121,119
- Interest + MI left
- $89,306
- First ends
- Apr 2050
Assumption
Assumption + second
$1,772/mo
+$692/mo- Down payment
- $26,162
- Funds due
- $36,390
- Interest + MI left
- $252,417
- First ends
- Apr 2050
New loan
New conventional
$1,836/mo
+$756/mo- Down payment
- $26,162
- Funds due
- $33,089
- Interest + MI left
- $346,957
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $142,838 | $142,838 | $228,838 |
| Second mortgage | — | $86,000 | — |
| First P&I | $756.85 | $756.85 | $1,584.43 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | $117.19 | $117.19 | $45.77 |
| Taxes, insurance & HOA | $205.75 | $205.75 | $205.75 |
| Total housing payment | $1,079.79 | $1,771.77 | $1,835.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,162
Closing costs & prepaids$10,228
Usable credit−$0
Total buyer cash needed$36,390
Earnest money paid−$0
Remaining funds due$36,390
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,550.00
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)$167.25
Prepaid interest, first (1 days)$14.28
Prepaid interest, second (1 days)$21.21
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 5 moOf the original 30-year loan at 3.650%
Interest already paid$37,182Through Nov 2026
Assumption only · ends Apr 2050$89,306
Assumption + second · ends Apr 2050, second Dec 2056$252,417
New conventional · ends Dec 2056$346,957