Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,654/mo
Lowest payment- Down payment
- $117,206
- Funds due
- $127,422
- Interest + MI left
- $131,721
- First ends
- Jun 2050
Assumption
Assumption + second
$2,330/mo
+$676/mo- Down payment
- $33,206
- Funds due
- $44,713
- Interest + MI left
- $291,039
- First ends
- Jun 2050
New loan
New conventional
$2,477/mo
+$822/mo- Down payment
- $33,206
- Funds due
- $41,368
- Interest + MI left
- $448,592
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,794 | $211,794 | $295,794 |
| Second mortgage | — | $84,000 | — |
| First P&I | $1,111.56 | $1,111.56 | $2,048.02 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | $173.18 | $173.18 | $59.16 |
| Taxes, insurance & HOA | $369.58 | $369.58 | $369.58 |
| Total housing payment | $1,654.32 | $2,330.20 | $2,476.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,206
Closing costs & prepaids$11,507
Usable credit−$0
Total buyer cash needed$44,713
Earnest money paid−$0
Remaining funds due$44,713
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,290.00
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)$658.75
Prepaid interest, first (2 days)$41.78
Prepaid interest, second (2 days)$41.42
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 7 moOf the original 30-year loan at 3.600%
Interest already paid$52,895Through Nov 2026
Assumption only · ends Jun 2050$131,721
Assumption + second · ends Jun 2050, second Dec 2056$291,039
New conventional · ends Dec 2056$448,592