Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,579/mo
Lowest payment- Down payment
- $83,627
- Funds due
- $93,288
- Interest + MI left
- $130,243
- First ends
- Jun 2050
Assumption
Assumption + second
$2,006/mo
+$426/mo- Down payment
- $30,627
- Funds due
- $41,564
- Interest + MI left
- $230,765
- First ends
- Jun 2050
New loan
New conventional
$2,200/mo
+$621/mo- Down payment
- $30,627
- Funds due
- $38,250
- Interest + MI left
- $408,317
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $216,273 | $216,273 | $269,273 |
| Second mortgage | — | $53,000 | — |
| First P&I | $1,120.13 | $1,120.13 | $1,864.39 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $177.35 | $177.35 | $53.85 |
| Taxes, insurance & HOA | $281.92 | $281.92 | $281.92 |
| Total housing payment | $1,579.40 | $2,005.85 | $2,200.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,627
Closing costs & prepaids$10,937
Usable credit−$0
Total buyer cash needed$41,564
Earnest money paid−$0
Remaining funds due$41,564
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$395.75
Prepaid interest, first (2 days)$41.12
Prepaid interest, second (2 days)$26.14
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 3.470%
Interest already paid$52,142Through Nov 2026
Assumption only · ends Jun 2050$130,243
Assumption + second · ends Jun 2050, second Dec 2056$230,765
New conventional · ends Dec 2056$408,317