Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,397/mo
Lowest payment- Down payment
- $137,538
- Funds due
- $147,329
- Interest + MI left
- $117,519
- First ends
- Apr 2050
Assumption
Assumption + second
$2,161/mo
+$763/mo- Down payment
- $33,538
- Funds due
- $44,625
- Interest + MI left
- $288,241
- First ends
- Apr 2050
New loan
New conventional
$2,357/mo
+$959/mo- Down payment
- $33,538
- Funds due
- $41,278
- Interest + MI left
- $457,187
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $197,462 | $197,462 | $301,462 |
| Second mortgage | — | $104,000 | — |
| First P&I | $1,025.33 | $1,025.33 | $2,087.26 |
| Second P&I | — | $763.12 | — |
| Mortgage insurance | $162.75 | $162.75 | $60.29 |
| Taxes, insurance & HOA | $209.42 | $209.42 | $209.42 |
| Total housing payment | $1,397.49 | $2,160.61 | $2,356.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,538
Closing costs & prepaids$11,086
Usable credit−$0
Total buyer cash needed$44,625
Earnest money paid−$0
Remaining funds due$44,625
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$178.25
Prepaid interest, first (2 days)$37.33
Prepaid interest, second (2 days)$45.59
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 3.450%
Interest already paid$48,701Through Nov 2026
Assumption only · ends Apr 2050$117,519
Assumption + second · ends Apr 2050, second Dec 2056$288,241
New conventional · ends Dec 2056$457,187