Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,322/mo
Lowest payment- Down payment
- $148,756
- Funds due
- $158,517
- Interest + MI left
- $111,940
- First ends
- Mar 2050
Assumption
Assumption + second
$2,173/mo
+$851/mo- Down payment
- $32,756
- Funds due
- $43,818
- Interest + MI left
- $302,360
- First ends
- Mar 2050
New loan
New conventional
$2,315/mo
+$994/mo- Down payment
- $32,756
- Funds due
- $40,472
- Interest + MI left
- $443,208
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $176,244 | $176,244 | $292,244 |
| Second mortgage | — | $116,000 | — |
| First P&I | $943.51 | $943.51 | $2,023.44 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | $144.66 | $144.66 | $58.45 |
| Taxes, insurance & HOA | $233.33 | $233.33 | $233.33 |
| Total housing payment | $1,321.51 | $2,172.68 | $2,315.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,756
Closing costs & prepaids$11,062
Usable credit−$0
Total buyer cash needed$43,818
Earnest money paid−$0
Remaining funds due$43,818
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$250.00
Prepaid interest, first (2 days)$36.02
Prepaid interest, second (2 days)$50.85
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 4 moOf the original 30-year loan at 3.730%
Interest already paid$47,493Through Nov 2026
Assumption only · ends Mar 2050$111,940
Assumption + second · ends Mar 2050, second Dec 2056$302,360
New conventional · ends Dec 2056$443,208