Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,357/mo
Lowest payment- Down payment
- $82,177
- Funds due
- $91,616
- Interest + MI left
- $97,531
- First ends
- Jul 2050
Assumption
Assumption + second
$1,816/mo
+$459/mo- Down payment
- $25,177
- Funds due
- $35,936
- Interest + MI left
- $205,640
- First ends
- Jul 2050
New loan
New conventional
$1,930/mo
+$573/mo- Down payment
- $25,177
- Funds due
- $32,709
- Interest + MI left
- $328,728
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,823 | $167,823 | $224,823 |
| Second mortgage | — | $57,000 | — |
| First P&I | $856.82 | $856.82 | $1,523.03 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | $138.06 | $138.06 | $44.96 |
| Taxes, insurance & HOA | $362.50 | $362.50 | $362.50 |
| Total housing payment | $1,357.38 | $1,816.01 | $1,930.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,177
Closing costs & prepaids$10,759
Usable credit−$0
Total buyer cash needed$35,936
Earnest money paid−$0
Remaining funds due$35,936
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$637.50
Prepaid interest, first (5 days)$76.55
Prepaid interest, second (5 days)$70.27
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 yr 7 moOf the original 30-year loan at 3.33%
Interest already paid$38,893Through Dec 2026
Assumption only · ends Jul 2050$97,531
Assumption + second · ends Jul 2050, second Jan 2057$205,640
New conventional · ends Jan 2057$328,728