Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,195/mo
Lowest payment- Down payment
- $138,595
- Funds due
- $148,150
- Interest + MI left
- $65,686
- First ends
- Mar 2047
Assumption
Assumption + second
$2,016/mo
+$822/mo- Down payment
- $26,595
- Funds due
- $37,498
- Interest + MI left
- $249,540
- First ends
- Mar 2047
New loan
New conventional
$1,999/mo
+$805/mo- Down payment
- $26,595
- Funds due
- $34,219
- Interest + MI left
- $339,424
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $122,905 | $122,905 | $234,905 |
| Second mortgage | — | $112,000 | — |
| First P&I | $711.16 | $711.16 | $1,580.22 |
| Second P&I | — | $821.82 | — |
| Mortgage insurance | $111.21 | $111.21 | $46.98 |
| Taxes, insurance & HOA | $372.25 | $372.25 | $372.25 |
| Total housing payment | $1,194.62 | $2,016.44 | $1,999.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,595
Closing costs & prepaids$10,903
Usable credit−$0
Total buyer cash needed$37,498
Earnest money paid−$0
Remaining funds due$37,498
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,615.00
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)$666.75
Prepaid interest, first (4 days)$48.08
Prepaid interest, second (4 days)$98.19
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 closing20 yr 3 moOf the original 30-year loan at 3.57%
Interest already paid$49,108Through Dec 2026
Assumption only · ends Mar 2047$65,686
Assumption + second · ends Mar 2047, second Jan 2057$249,540
New conventional · ends Jan 2057$339,424