Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,141/mo
Lowest payment- Down payment
- $188,697
- Funds due
- $198,731
- Interest + MI left
- $87,146
- First ends
- Apr 2050
Assumption
Assumption + second
$2,278/mo
+$1,137/mo- Down payment
- $33,697
- Funds due
- $45,287
- Interest + MI left
- $341,586
- First ends
- Apr 2050
New loan
New conventional
$2,340/mo
+$1,200/mo- Down payment
- $33,697
- Funds due
- $41,991
- Interest + MI left
- $431,577
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,203 | $140,203 | $295,203 |
| Second mortgage | — | $155,000 | — |
| First P&I | $743.83 | $743.83 | $1,999.81 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | $115.32 | $115.32 | $59.04 |
| Taxes, insurance & HOA | $281.58 | $281.58 | $281.58 |
| Total housing payment | $1,140.73 | $2,278.06 | $2,340.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,697
Closing costs & prepaids$11,590
Usable credit−$0
Total buyer cash needed$45,287
Earnest money paid−$0
Remaining funds due$45,287
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,289.00
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)$394.75
Prepaid interest, first (9 days)$125.84
Prepaid interest, second (9 days)$305.75
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 4 moOf the original 30-year loan at 3.64%
Interest already paid$36,909Through Dec 2026
Assumption only · ends Apr 2050$87,146
Assumption + second · ends Apr 2050, second Jan 2057$341,586
New conventional · ends Jan 2057$431,577