Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,283/mo
Lowest payment- Down payment
- $138,325
- Funds due
- $147,940
- Interest + MI left
- $64,423
- First ends
- Jul 2045
Assumption
Assumption + second
$2,097/mo
+$814/mo- Down payment
- $27,325
- Funds due
- $38,312
- Interest + MI left
- $246,636
- First ends
- Jul 2045
New loan
New conventional
$2,033/mo
+$750/mo- Down payment
- $27,325
- Funds due
- $35,036
- Interest + MI left
- $347,425
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $126,675 | $126,675 | $237,675 |
| Second mortgage | — | $111,000 | — |
| First P&I | $786.38 | $786.38 | $1,610.09 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | $121.02 | $121.02 | $47.54 |
| Taxes, insurance & HOA | $375.25 | $375.25 | $375.25 |
| Total housing payment | $1,282.65 | $2,097.13 | $2,032.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,325
Closing costs & prepaids$10,987
Usable credit−$0
Total buyer cash needed$38,312
Earnest money paid−$0
Remaining funds due$38,312
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$675.75
Prepaid interest, first (5 days)$64.20
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 closing18 yr 7 moOf the original 30-year loan at 3.7%
Interest already paid$63,561Through Dec 2026
Assumption only · ends Jul 2045$64,423
Assumption + second · ends Jul 2045, second Jan 2057$246,636
New conventional · ends Jan 2057$347,425