Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,546/mo
Lowest payment- Down payment
- $169,683
- Funds due
- $180,036
- Interest + MI left
- $134,622
- First ends
- Apr 2050
Assumption
Assumption + second
$2,507/mo
+$961/mo- Down payment
- $38,683
- Funds due
- $50,343
- Interest + MI left
- $349,665
- First ends
- Apr 2050
New loan
New conventional
$2,695/mo
+$1,150/mo- Down payment
- $38,683
- Funds due
- $46,947
- Interest + MI left
- $525,213
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $215,317 | $215,317 | $346,317 |
| Second mortgage | — | $131,000 | — |
| First P&I | $1,140.90 | $1,140.90 | $2,397.83 |
| Second P&I | — | $961.23 | — |
| Mortgage insurance | $176.66 | $176.66 | $69.26 |
| Taxes, insurance & HOA | $228.33 | $228.33 | $228.33 |
| Total housing payment | $1,545.89 | $2,507.12 | $2,695.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,683
Closing costs & prepaids$11,660
Usable credit−$0
Total buyer cash needed$50,343
Earnest money paid−$0
Remaining funds due$50,343
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)$235.00
Prepaid interest, first (2 days)$43.06
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 5 moOf the original 30-year loan at 3.650%
Interest already paid$56,049Through Nov 2026
Assumption only · ends Apr 2050$134,622
Assumption + second · ends Apr 2050, second Dec 2056$349,665
New conventional · ends Dec 2056$525,213