Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,663/mo
Lowest payment- Down payment
- $177,464
- Funds due
- $188,460
- Interest + MI left
- $129,057
- First ends
- Sep 2050
Assumption
Assumption + second
$2,661/mo
+$998/mo- Down payment
- $41,464
- Funds due
- $53,979
- Interest + MI left
- $352,308
- First ends
- Sep 2050
New loan
New conventional
$2,884/mo
+$1,222/mo- Down payment
- $41,464
- Funds due
- $50,719
- Interest + MI left
- $538,861
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $232,536 | $232,536 | $368,536 |
| Second mortgage | — | $136,000 | — |
| First P&I | $1,157.43 | $1,157.43 | $2,496.59 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | $191.26 | $191.26 | $73.71 |
| Taxes, insurance & HOA | $314.00 | $314.00 | $314.00 |
| Total housing payment | $1,662.69 | $2,660.61 | $2,884.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,464
Closing costs & prepaids$12,515
Usable credit−$0
Total buyer cash needed$53,979
Earnest money paid−$0
Remaining funds due$53,979
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$492.00
Prepaid interest, first (9 days)$179.47
Prepaid interest, second (9 days)$268.27
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 9 moOf the original 30-year loan at 3.13%
Interest already paid$49,324Through Dec 2026
Assumption only · ends Sep 2050$129,057
Assumption + second · ends Sep 2050, second Jan 2057$352,308
New conventional · ends Jan 2057$538,861