Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,362/mo
Lowest payment- Down payment
- $134,052
- Funds due
- $143,909
- Interest + MI left
- $111,302
- First ends
- Mar 2050
Assumption
Assumption + second
$2,118/mo
+$756/mo- Down payment
- $31,052
- Funds due
- $42,363
- Interest + MI left
- $280,381
- First ends
- Mar 2050
New loan
New conventional
$2,219/mo
+$857/mo- Down payment
- $31,052
- Funds due
- $39,131
- Interest + MI left
- $407,722
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,848 | $175,848 | $278,848 |
| Second mortgage | — | $103,000 | — |
| First P&I | $943.51 | $943.51 | $1,889.01 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | $144.66 | $144.66 | $55.77 |
| Taxes, insurance & HOA | $274.00 | $274.00 | $274.00 |
| Total housing payment | $1,362.18 | $2,117.96 | $2,218.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,052
Closing costs & prepaids$11,311
Usable credit−$0
Total buyer cash needed$42,363
Earnest money paid−$0
Remaining funds due$42,363
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,099.00
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)$372.00
Prepaid interest, first (9 days)$161.73
Prepaid interest, second (9 days)$203.18
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3 moOf the original 30-year loan at 3.73%
Interest already paid$48,041Through Dec 2026
Assumption only · ends Mar 2050$111,302
Assumption + second · ends Mar 2050, second Jan 2057$280,381
New conventional · ends Jan 2057$407,722