Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,108/mo
Lowest payment- Down payment
- $84,015
- Funds due
- $92,997
- Interest + MI left
- $75,731
- First ends
- Jul 2050
Assumption
Assumption + second
$1,607/mo
+$499/mo- Down payment
- $22,015
- Funds due
- $32,324
- Interest + MI left
- $193,322
- First ends
- Jul 2050
New loan
New conventional
$1,679/mo
+$571/mo- Down payment
- $22,015
- Funds due
- $29,108
- Interest + MI left
- $282,137
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $130,985 | $130,985 | $192,985 |
| Second mortgage | — | $62,000 | — |
| First P&I | $667.37 | $667.37 | $1,307.35 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | $107.80 | $107.80 | $38.60 |
| Taxes, insurance & HOA | $332.75 | $332.75 | $332.75 |
| Total housing payment | $1,107.92 | $1,606.79 | $1,678.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,015
Closing costs & prepaids$10,309
Usable credit−$0
Total buyer cash needed$32,324
Earnest money paid−$0
Remaining funds due$32,324
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,150.00
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)$548.25
Prepaid interest, first (5 days)$59.39
Prepaid interest, second (5 days)$76.44
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 3.31%
Interest already paid$30,181Through Dec 2026
Assumption only · ends Jul 2050$75,731
Assumption + second · ends Jul 2050, second Jan 2057$193,322
New conventional · ends Jan 2057$282,137