Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,125/mo
Lowest payment- Down payment
- $137,758
- Funds due
- $147,307
- Interest + MI left
- $74,399
- First ends
- Dec 2049
Assumption
Assumption + second
$1,940/mo
+$814/mo- Down payment
- $26,758
- Funds due
- $37,678
- Interest + MI left
- $256,611
- First ends
- Dec 2049
New loan
New conventional
$1,998/mo
+$873/mo- Down payment
- $26,758
- Funds due
- $34,408
- Interest + MI left
- $340,992
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $122,242 | $122,242 | $233,242 |
| Second mortgage | — | $111,000 | — |
| First P&I | $652.56 | $652.56 | $1,580.06 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | $101.54 | $101.54 | $46.65 |
| Taxes, insurance & HOA | $371.00 | $371.00 | $371.00 |
| Total housing payment | $1,125.11 | $1,939.58 | $1,997.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,758
Closing costs & prepaids$10,920
Usable credit−$0
Total buyer cash needed$37,678
Earnest money paid−$0
Remaining funds due$37,678
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,600.00
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)$663.00
Prepaid interest, first (5 days)$60.45
Prepaid interest, second (5 days)$121.64
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 yrOf the original 30-year loan at 3.61%
Interest already paid$33,702Through Dec 2026
Assumption only · ends Dec 2049$74,399
Assumption + second · ends Dec 2049, second Jan 2057$256,611
New conventional · ends Jan 2057$340,992