Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,171/mo
Lowest payment- Down payment
- $218,729
- Funds due
- $228,963
- Interest + MI left
- $94,808
- First ends
- Mar 2050
Assumption
Assumption + second
$2,499/mo
+$1,328/mo- Down payment
- $37,729
- Funds due
- $49,293
- Interest + MI left
- $391,929
- First ends
- Mar 2050
New loan
New conventional
$2,602/mo
+$1,431/mo- Down payment
- $37,729
- Funds due
- $45,889
- Interest + MI left
- $500,812
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $149,271 | $149,271 | $330,271 |
| Second mortgage | — | $181,000 | — |
| First P&I | $799.11 | $799.11 | $2,286.73 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | $122.52 | $122.52 | $66.05 |
| Taxes, insurance & HOA | $249.42 | $249.42 | $249.42 |
| Total housing payment | $1,171.05 | $2,499.17 | $2,602.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,729
Closing costs & prepaids$11,563
Usable credit−$0
Total buyer cash needed$49,293
Earnest money paid−$0
Remaining funds due$49,293
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,680.00
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)$298.25
Prepaid interest, first (2 days)$30.51
Prepaid interest, second (2 days)$79.34
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.730%
Interest already paid$40,225Through Nov 2026
Assumption only · ends Mar 2050$94,808
Assumption + second · ends Mar 2050, second Dec 2056$391,929
New conventional · ends Dec 2056$500,812