Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,108/mo
Lowest payment- Down payment
- $188,379
- Funds due
- $198,205
- Interest + MI left
- $87,645
- First ends
- Apr 2050
Assumption
Assumption + second
$2,246/mo
+$1,137/mo- Down payment
- $33,379
- Funds due
- $44,489
- Interest + MI left
- $342,085
- First ends
- Apr 2050
New loan
New conventional
$2,354/mo
+$1,246/mo- Down payment
- $33,379
- Funds due
- $41,117
- Interest + MI left
- $448,118
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,521 | $140,521 | $295,521 |
| Second mortgage | — | $155,000 | — |
| First P&I | $743.83 | $743.83 | $2,046.13 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | $115.32 | $115.32 | $59.10 |
| Taxes, insurance & HOA | $249.17 | $249.17 | $249.17 |
| Total housing payment | $1,108.31 | $2,245.65 | $2,354.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,379
Closing costs & prepaids$11,109
Usable credit−$0
Total buyer cash needed$44,489
Earnest money paid−$0
Remaining funds due$44,489
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)$297.50
Prepaid interest, first (1 days)$14.01
Prepaid interest, second (1 days)$33.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5 moOf the original 30-year loan at 3.640%
Interest already paid$36,483Through Nov 2026
Assumption only · ends Apr 2050$87,645
Assumption + second · ends Apr 2050, second Dec 2056$342,085
New conventional · ends Dec 2056$448,118