Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,310/mo
Lowest payment- Down payment
- $144,845
- Funds due
- $154,592
- Interest + MI left
- $107,603
- First ends
- Jun 2050
Assumption
Assumption + second
$2,125/mo
+$814/mo- Down payment
- $33,845
- Funds due
- $44,890
- Interest + MI left
- $289,816
- First ends
- Jun 2050
New loan
New conventional
$2,323/mo
+$1,012/mo- Down payment
- $33,845
- Funds due
- $41,540
- Interest + MI left
- $449,078
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $185,154 | $185,154 | $296,154 |
| Second mortgage | — | $111,000 | — |
| First P&I | $945.30 | $945.30 | $2,050.51 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | $152.32 | $152.32 | $59.23 |
| Taxes, insurance & HOA | $212.83 | $212.83 | $212.83 |
| Total housing payment | $1,310.45 | $2,124.93 | $2,322.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,845
Closing costs & prepaids$11,046
Usable credit−$0
Total buyer cash needed$44,890
Earnest money paid−$0
Remaining funds due$44,890
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.99
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)$188.50
Prepaid interest, first (2 days)$33.78
Prepaid interest, second (2 days)$48.66
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 7 moOf the original 30-year loan at 3.330%
Interest already paid$42,910Through Nov 2026
Assumption only · ends Jun 2050$107,603
Assumption + second · ends Jun 2050, second Dec 2056$289,816
New conventional · ends Dec 2056$449,078