Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,767/mo
Lowest payment- Down payment
- $76,475
- Funds due
- $86,515
- Interest + MI left
- $138,176
- First ends
- Dec 2049
Assumption
Assumption + second
$2,137/mo
+$370/mo- Down payment
- $30,475
- Funds due
- $41,822
- Interest + MI left
- $225,422
- First ends
- Dec 2049
New loan
New conventional
$2,246/mo
+$479/mo- Down payment
- $30,475
- Funds due
- $38,558
- Interest + MI left
- $386,673
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,525 | $218,525 | $264,525 |
| Second mortgage | — | $46,000 | — |
| First P&I | $1,185.19 | $1,185.19 | $1,791.98 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $180.83 | $180.83 | $52.91 |
| Taxes, insurance & HOA | $400.75 | $400.75 | $400.75 |
| Total housing payment | $1,766.77 | $2,136.89 | $2,245.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,475
Closing costs & prepaids$11,347
Usable credit−$0
Total buyer cash needed$41,822
Earnest money paid−$0
Remaining funds due$41,822
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$752.25
Prepaid interest, first (5 days)$112.85
Prepaid interest, second (5 days)$56.71
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 3.77%
Interest already paid$62,790Through Dec 2026
Assumption only · ends Dec 2049$138,176
Assumption + second · ends Dec 2049, second Jan 2057$225,422
New conventional · ends Jan 2057$386,673