Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,119/mo
Lowest payment- Down payment
- $131,622
- Funds due
- $140,910
- Interest + MI left
- $52,645
- First ends
- Jul 2045
Assumption
Assumption + second
$1,904/mo
+$785/mo- Down payment
- $24,622
- Funds due
- $35,277
- Interest + MI left
- $228,291
- First ends
- Jul 2045
New loan
New conventional
$1,855/mo
+$736/mo- Down payment
- $24,622
- Funds due
- $32,023
- Interest + MI left
- $314,729
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $108,278 | $108,278 | $215,278 |
| Second mortgage | — | $107,000 | — |
| First P&I | $661.14 | $661.14 | $1,458.37 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | $104.29 | $104.29 | $43.06 |
| Taxes, insurance & HOA | $353.92 | $353.92 | $353.92 |
| Total housing payment | $1,119.34 | $1,904.47 | $1,855.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,622
Closing costs & prepaids$10,655
Usable credit−$0
Total buyer cash needed$35,277
Earnest money paid−$0
Remaining funds due$35,277
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,399.00
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)$611.75
Prepaid interest, first (5 days)$51.91
Prepaid interest, second (5 days)$117.26
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 3.5%
Interest already paid$51,622Through Dec 2026
Assumption only · ends Jul 2045$52,645
Assumption + second · ends Jul 2045, second Jan 2057$228,291
New conventional · ends Jan 2057$314,729