Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,274/mo
Lowest payment- Down payment
- $172,192
- Funds due
- $182,361
- Interest + MI left
- $96,588
- First ends
- Aug 2050
Assumption
Assumption + second
$2,287/mo
+$1,013/mo- Down payment
- $34,192
- Funds due
- $45,883
- Interest + MI left
- $323,123
- First ends
- Aug 2050
New loan
New conventional
$2,419/mo
+$1,145/mo- Down payment
- $34,192
- Funds due
- $42,624
- Interest + MI left
- $447,142
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,808 | $167,808 | $305,808 |
| Second mortgage | — | $138,000 | — |
| First P&I | $850.35 | $850.35 | $2,071.65 |
| Second P&I | — | $1,012.60 | — |
| Mortgage insurance | $137.88 | $137.88 | $61.16 |
| Taxes, insurance & HOA | $286.00 | $286.00 | $286.00 |
| Total housing payment | $1,274.23 | $2,286.83 | $2,418.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,192
Closing costs & prepaids$11,691
Usable credit−$0
Total buyer cash needed$45,883
Earnest money paid−$0
Remaining funds due$45,883
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$408.00
Prepaid interest, first (9 days)$135.72
Prepaid interest, second (9 days)$272.22
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 8 moOf the original 30-year loan at 3.28%
Interest already paid$37,781Through Dec 2026
Assumption only · ends Aug 2050$96,588
Assumption + second · ends Aug 2050, second Jan 2057$323,123
New conventional · ends Jan 2057$447,142